End of oil? | Improvement.it

Between justice, activism, and the economy, the importance of fossil fuels is rapidly declining.

This would undoubtedly be a coincidence, but, in the context of hopes of overcoming fossil fuels, the series of news stories about oil in recent times that have come in turn is encouraging.

A Dutch court verdict in The Hague obliges Shell, an oil giant based in the Netherlands, to win a spot among the main headlines on 26 May. To reduce your CO2 emissions by 45% By 2030, compared to the 2019 versions. The decision specifies that the company is responsible for its own emissions, but also for its suppliers. This decision (which follows a lawsuit brought by the environmental organization Friends of the earth, or Friends of the earth) Sets an important precedent: this is the first time a company has visited Legally required To align its emissions with the objectives set by the Paris Agreement, which until now had been taken into account only for public entities. The fact that this company is an oil extraction giant cannot help imagining similar actions in the future. While it is necessary to pressure governments, this case shows that justice can also prosecute private entities, especially when it comes to companies that are active far beyond their national borders.

Around the same time, the election was held due to disturbing votes for the board of directors of ExxonMobile, another oil giant. At least two members of the fund Engine number 1, Which has managed to create a niche among shareholders despite holding a small stake, is perhaps also taking advantage of increasingly widespread attention in the financial sector in relation to the fight against the climate crisis. Whether it is real or masked activism, the result is that decisions for the company will now also be made by shareholders who are insisting on a shift from fossil fuels to more sustainable policies.

The third news is less broadcast, but should not be underestimated, if only for its symbolic value. A study of Robert Gordon University of Scotland expectation That by 2030 most workers in the offshore (and therefore offshore) energy sector in the North Sea will be employed in the low carbon energy sector. For decades, oil extraction in those waters has been one of the UK’s economic engines and a source of many jobs for the Scots, but now efforts for energy transition (both public and private) are reversing the situation. According to the research, workers employed for the production of wind energy, hydrogen extraction and underwater storage of “captured” carbon dioxide within ten years will grow to 65% of the total from the current 20%, as well as in economic activities Will decline. Relating to oil.

The end of this fuel is not yet certain, but the signs against it are gradually becoming more solid. An important element that unites these three stories is the presence of a decisive and targeted effort towards energy transition. If we truly abandon fossil fuels, this will not be due to an easy automaticity, but as a result of a collective and lasting commitment.

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