• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Trump Vows to Block U.S. Steel Acquisition

Trump Vows to Block U.S. Steel Acquisition

Steel prices decline as Nippon's…

Carmakers' EV Enthusiasm Fizzles Out

Carmakers' EV Enthusiasm Fizzles Out

Big Auto, which so recently…

Al Gore Slams Banks For Profiting From Oil And Gas Financing

Al Gore has struck at the banking industry claiming it was still making profits from the oil and gas industry despite a climate crisis allegedly caused by that industry.

Speaking to Bloomberg, the prominent climate activist said that bankers were “profiting hugely” from financing and advising oil and gas companies.

Gore acknowledged, however, that it is “a bit unrealistic to expect fossil fuel companies to solve this crisis for us when they’re incentivized to do otherwise,” and it would also be unrealistic to expect banks to just stop lending to the oil and gas industry.

The comments come amid a shift within the oil and gas industry to refocus on its core business rather than prioritize low-carbon ventures. BP said as much earlier this year after its CEO admitted the low-carbon business was not doing great in terms of returns. Shell’s CEO made a similar statement, saying Shell will not cut its oil and gas production as much as previously planned.

Both moves reflected robust and resilient demand for oil and gas that led to considerable price jumps last year, bringing oil and gas companies billions in extra profits—which they shared with their shareholders. For a while, the energy segment was the best performer of the S&P 500.

Yet according to campaigners such as Gore, this has to change in the name of reducing human CO2 emissions to a net zero by 2050. According to BloombergNEF, this would require banks to pour four times as much money into low-carbon energy as they currently pour into oil and gas, by 2030. Currently, they are channeling some $800,000 into wind, solar, and similar for each $1 million they channel into oil, BloombergNEF said.

The banking industry is already turning away from oil, however. France’s biggest lender, BNP Paribas, said this year it would not fund new oil and gas field projects. Barclays, for its part, said it would quit financing oil sands projects.

Wall Street banks, meanwhile, are experiencing growing pressure from activists to stop funding the oil and gas industry. It may have been this pressure that led to BlackRock and Vanguard reducing shareholder support for climate-related resolutions at this year’s general meetings, and leaving a net-zero asset managers’ grouping.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on September 15 2023 said:
    Oil is its own worst enemy with higher prices clearly enhancing a US economic slowdown. Banks are hardly *"rolling in the dough"* with interest rates exploding higher and a real estate recession now raging away for over a Year. Long $MS Morgan Stanley strong buy
  • fredric longabard on September 14 2023 said:
    Listen to Al Gore and go broke. He has been predicting we will be under water in 10 years for the last 40 years. Why would any sane person listen to him with that dismal record?

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News