Despite Heat, Despite Rising Seas, Despite loss of Protected Areas, Big Oil Marches on with Production
Despite Heat, Despite Rising Seas, Despite loss of Protected Areas, Big Oil Marches on with Production
Oil production seem set to hit new records, Credit, S&P Global
The Intergovernmental Panel on Climate Change (IPCC) called on governments to put an end to fossil fuels in 2022, but Shell forges ahead, planning to greenlight more than 35 new oil and gas projects by 2025, keeping its oil output steady or slightly higher into 2030.
ExxonMobil intends to move forwards as well, with initiatives to invest approximately $17 billion globally on getting so-called lower-emission initiatives through 2027, budgeting $42.7 billion with others for five oil projects, including a $22.7 billion investment in the Uaru Project in Guyana, which will produce 250,000 barrels of oil and gas per day.
Chevron marches on too with new fossil fuel installations, such as the planned facility at Anchor Field, 140 miles on the Louisiana coast, which possesses a design capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas per day.
In short, oil giants such as Shell, ExxonMobil, Chevron, and the others could be linked to 22 percent of 437 oil and gas projects approved since the IPCC called on governments and others to put an end to fossil fuel production, with state-backed companies behind 57 percent of the projects.
According to analysis, around 655 of 685 (96 percent) of oil exploration and production companies nurture expansion schemes, with their short-term growth plans increasing by 20% since 2021.
When Russia attacked Ukraine, the price of crude oil in the global market price climbed from $76 per barrel at the start of January 2022 to over $110 per barrel in March 2022, making oil production attractive to companies.
Going forwards, the biggest oil polluting countries plan ambitious targets for the near future, with India projecting domestic oil production to more than double to 1.5 billion tonnes by 2030, Saudi Arabia suggesting through its state-owned Saudi Aramco a 47 percent increase in oil production by 2050, and Russia projecting coal production increases of between 11 and 53 percent, and between six and 31 percent for gas by 2035.
Through the combination of war in Ukraine, short-term plans by exploration and production companies, and the projects by nations such as Saudi Arabia and the others, oil projects approved since the IPCC call must rise, even when the world faces great risks from climate change, the end result of indiscriminate fossil fuel usage.
According to a new report by Earth Insight, a total of 2,337 active or proposed oil and gas extraction facilities exist within legally protected areas, with at least 918 protected areas having planned or ongoing fossil fuel projects within them.
In Western Amazon, oil and gas blocks litter around 26 protected areas, with 12 percent of the total extent of the latter affected, while fossil fuel structures cover an estimated 21 percent of 361 protected areas, the same thing happening in the Congo basin, where oil interests overlap into 36 percent of the 45 protected areas.
In the three largest pan-tropical forest basins, the activities of fossil fuel companies overlap within 14 percent of the area covered by protected areas, an area of about 300,000 square kilometers.
Oil and gas installations currently occupy significant proportions of protected areas in pan-tropical forest basins such as the Amazon and the Congo, but with the new projects planned by oil giants and oil-polluting countries, protected areas may cease to exist, worsening the effects of climate change.
Just as the IPCC knew, the solution lies with oil giants and polluting nations, their willingness to slash down oil production, as well as the billions living in the world today, their ability to show less dependence on fossil fuel and its products, for the good of all.
Four Exploding Products
Wiring Connectors, Credit, India Mart
As climate change ranges, certain sectors profit. Here are a few of them for this week.
(1) Conductors
Materials (usually copper or aluminum) that allow the flow of electric current. Conductors in wiring are materials that allow the flow of electric current.
They provide a low-resistance pathway for the electrons to move through. Common materials used as conductors in wiring include copper and aluminum due to their excellent conductivity.
Companies making conductors include Southwire Company, LLC, Nexans, General Cable, Prysmian Group, Apart Industries, Lamifil, and others.
Conventional Overhead Conductor Market size was valued at USD 399.4 million in 2022 and is set to grow at over 4.5% CAGR from 2023 to 2032.
(2) Insulators
Materials that prevent the flow of electric current, ensuring that it follows the intended path. Insulators are materials that prevent the flow of electric current.
They are used to isolate conductors and electrical components, ensuring that electricity follows its intended path and doesn't leak or cause unwanted contact. Insulators are crucial for electrical safety and the proper functioning of electrical systems.
Companies in this niche include Lapp Insulators, ABB, Victor Insulators, Inc., TE Connectivity, NGK Insulators, and others.
The Global Electric Insulators Market size is estimated to showcase a CAGR of 3.5% in the review period 2023 to 2033. It is projected to reach US$ 6.5 billion by 2033
(3) Connectors
Devices used to join different conductors together. Connectors for wiring devices used to join different conductors together, facilitating the establishment of electrical connections.
They come in various types and designs, serving different purposes in electrical and electronic systems.
Companies that make them include TE Connectivity, Molex, Amphenol Corporation, HARTING Technology Group, and others.
The Global Connector Market size is expected to reach $131 billion by 2029, rising at a market growth of 7.1% CAGR during the forecast period.
Fuses
Safety devices that interrupt the circuit in case of overload or short circuit to prevent damage. Fuses in wiring are safety devices designed to protect electrical circuits from overcurrent or short circuits.
They consist of a metal wire or strip that melts when exposed to excessive current, interrupting the circuit and preventing damage to connected devices.
Companies that make them include Bel Fuse Inc, Littelfuse, Bussmann by Eaton, Schurter, Cooper Bussmann, and others.
The Electric Fuse Market is expected to reach USD 6194.09 Million, with CAGR of over 5.6% during the estimated forecast year of 2022-2030.
Opportunities for climate tech founders, investors, creators, and activists
(1) Horizon Europe Calls 2024
The stage is set for the Pitch Session at the Horizon Europe Calls 2024 Information & Brokerage Event! You discover potential project partners and immerse yourself in the latest advancements in Cloud-Edge-IoT and Open Source technologies. You get inspiring presentations that could shape software innovation and produce groundbreaking use cases.
#HorizonEuropePitch #InnovationShowcase #ComputingContinuum Watch the pitches for DATA calls here:
Watch the pitches for DIGITAL EMERGING here:
(2) The Elets Spark Stage Investment Summit & Startup Pitch in Dubai, in collaboration with the Dubai Department of Economy and Tourism, is a premier event uniting top entrepreneurs, founders, and innovators with leading venture capitalists, family offices, and investors. This exclusive event is designed to forge new ties, facilitate strategic investments, and foster partnerships with the most promising ventures, making it a pivotal platform for the growth and success of cutting-edge startups.
What to Eat
Vegan food from Ukraine,
Credit, Vegantrekker.com