As reported by Bloomberg, Chevron Corp.’s oil and gas business will be minimal effected by climate change for decades to come, according to a company report.
Among their findings, Chevron said oil and gas will comprise 48 percent of the world’s energy mix by 2040, even under the International Energy Agency’s most unfavorable scenario for the industry. Now it’s 54 percent. While they admit that climate change is critical to future energy markets, the change has “very slim” chance of stranded assets.
“Multiple scenarios” each throw up the same result: Demand for oil and gas will remain strong for decades, said Mark Nelson , Chevron’s vice president for midstream, strategy and policy said in an interview to Bloomberg.
World energy demand will grow strongly under all scenarios, Chevron said. The company sees the risk of it having so-called stranded assets, or uneconomic resources, as “very slim” due to the quality and diversity of its assets, Nelson said.
ED
Not sure I would expect a major to say anything other than this. I do like the acknowledgement that climate change is going to impact the industry – just not their assets.