{"id":262717,"date":"2023-06-18T15:10:48","date_gmt":"2023-06-18T13:10:48","guid":{"rendered":"https:\/\/climatescience.press\/?p=262717"},"modified":"2023-06-18T15:16:15","modified_gmt":"2023-06-18T13:16:15","slug":"ben-marlows-green-energy-dream","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=262717","title":{"rendered":"Ben Marlow\u2019s Green Energy\u00a0Dream"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

Did Ben Marlow never study economics?<\/mark><\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

First BP, now Shell. One by one, the oil giants are returning to what they know best \u2013 doubling down on fossil fuels and prioritising shareholder returns \u2013 in u-turns that inevitably have to come at the expense of climate pledges.<\/strong><\/em><\/p>\n\n\n\n


Worse, it comes at a time of record profits \u2013 a double snub to government and eco-campaigners, who want to see green investment ramped up, and at the same time a capitulation to investors frustrated at seeing the big US energy producers generating far higher returns than their European counterparts.<\/em><\/p>\n\n\n\n


Total shareholder returns for Exxon and Chevron over the last five years far exceed those of BP and Shell, a phenomenon that some fund managers have put down at least partly to them having embraced the renewables charge even more reluctantly.<\/em><\/p>\n\n\n\n


The latest setback is a wake-up call to the political classes. If the Government thinks it is driving the green agenda it is very much mistaken.<\/em><\/p>\n\n\n\n


On the contrary, if this is a return to the old set-up then it has as good as lost control of the energy transition completely, something that it must accept a sizeable share of the blame for.<\/em><\/p>\n\n\n\n


No 10 may have established a new department for Energy Security and Net Zero in a bid to bring greater clarity to energy policy but its messaging remains more confused than ever.<\/em><\/p>\n\n\n\n


The \u201chighlights\u201d, if indeed they can be called that, of Shell\u2019s capital markets day are a harsh reminder that when it comes to the future of the energy system, the oil industry is firmly calling the shots.<\/em><\/p>\n\n\n\n


The argument from environmentalists is a fairly simplistic, yet not unfair one.<\/em><\/p>\n\n\n\n


Their central case is that with the sector essentially feasting on the spoils of the Kremlin\u2019s indiscriminate war in Ukraine \u2013 while many families struggle to pay rocketing energy bills \u2013 Shell and others have an even greater duty to seriously step up their commitment to big green energy projects.<\/em><\/p>\n\n\n\n


Shell, it is probably fair to say, doesn\u2019t see it like that.<\/em><\/p>\n\n\n\n


It is more concerned with appeasing shareholders than it is with bending to critics who accuse the Anglo-Dutch company of abdicating its responsibilities on leading the climate change fight, never mind simply being a willing part of it.
Armed with annual profits of $40bn (\u00a331.5bn) for 2022 \u2013 double the previous year\u2019s \u2013 Shell has served up a plan that is unashamedly pro-Wall Street.<\/em><\/p>\n\n\n\n


There\u2019s a planned 15pc dividend increase in the second half of the year; a promise to return another $5bn to investors through share buybacks, having lavished $12bn on shareholders in the same way during the first half; and a clear pledge to focus on the most profitable areas of the business, which unsurprisingly does not include clean energy.<\/em><\/p>\n\n\n\n


With commitments to \u201cgrow\u201d its sprawling gas operations, \u201cmaintain leadership\u201d in the liquefied natural gas (LNG) market and \u201cextend its advantaged position\u201d in both oil and gas exploration, it is patently obvious where Shell\u2019s priorities lie.<\/em><\/p>\n\n\n\n


But combined with a fairly unambitious and somewhat fuzzy promise to spend between $10bn and $15bn by 2025 on \u201clow carbon energy solutions\u201d there can be no doubts.<\/em><\/p>\n\n\n\n


Even Shell privately concedes that biofuels, hydrogen, electric vehicle charging and carbon capture storage \u2013 the four areas it has earmarked for investment \u2013 are at the more speculative and unproven end of the renewables spectrum.
The absence of any plans to invest in other, far more established clean energy sources such as wind and solar \u2013 which are attracting record investment around the world \u2013 is glaring.<\/em><\/p>\n\n\n\n


Full post<\/strong><\/a><\/p>\n\n\n\n

He complains that BP and Shell are doubling down on fossil fuels! Well yes, that\u2019s what companies do \u2013 invest in products that make a profit, not carry out the government\u2019s agenda. Indeed they have a duty to look after shareholders\u2019 interests first and foremost.<\/p>\n\n\n\n

And quite why this is the government\u2019s fault is a mystery to me. The government has been doing its best to destroy the UK\u2019s fossil fuel industry.<\/p>\n\n\n\n

He accuses Shell and BP of feasting on the spoils of the Kremlin\u2019s indiscriminate war in Ukraine,<\/em> but even a 6th Form student would tell him that the only way to bring prices back down is to increase the world\u2019s supply of oil and gas. It\u2019s called Supply & Demand, Mr Marlow!<\/p>\n\n\n\n

In fact, while the Ukraine war did cause gas prices to spike, the biggest factor has been the pressure put on fossil fuel companies across western nations in recent years to divest from oil and gas. This has cut the development of new fields, thus reducing supply while demand has continued to increase.<\/p>\n\n\n\n

He finishes by saying the absence of any plans to invest in other, far more established clean energy sources such as wind and solar \u2013 which are attracting record investment around the world \u2013 is glaring.<\/em><\/p>\n\n\n\n

If wind and solar really were so attractive, companies like BP and Shell would need no urging to invest. The reality is that they are only viable because of the obscene subsidies thrown at them.<\/p>\n\n\n\n

I would suggest to Ben Marlow that he goes back to school to study A-Level Economics!<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Did Ben Marlow never study economics?
\nI would suggest to Ben Marlow that he goes back to school to study A-Level Economics!<\/p>\n","protected":false},"author":121246920,"featured_media":262721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691819972,691820317,691818118,691818154,691818130],"class_list":{"0":"post-262717","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-ben-marlow","9":"tag-climate-pledges","10":"tag-green-energy","11":"tag-net-zero","12":"tag-renewables","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/00renewable-energy-centre-stage.jpg?fit=1200%2C799&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-16ln","jetpack-related-posts":[{"id":313653,"url":"https:\/\/climatescience.press\/?p=313653","url_meta":{"origin":262717,"position":0},"title":"Clueless Ben Marlow Strikes\u00a0Again","author":"uwe.roland.gross","date":"27\/03\/2024","format":false,"excerpt":"There\u2019s only here that\u2019s clueless, and that\u2019s you Mr Marlow. Anybody with half a braincell was warning about this years ago, so where were you then?","rel":"","context":"In \"Ben Marlow\"","block_context":{"text":"Ben Marlow","link":"https:\/\/climatescience.press\/?tag=ben-marlow"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0-blackout43.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0-blackout43.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0-blackout43.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0-blackout43.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/03\/0-blackout43.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 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