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Concerns are growing about how funding for renewables is far from guaranteed, environmental targets are being slashed, and that an oil and gas giant has again cut its renewable energy investment.
This company have also announced more funding for greater fossil fuel production, as well as issued plans to cut back on money for Electric Vehicles (EVs).
BP have declared that renewable energy investment will FALL by $5 billion (£3.95 billion) a year to between only $1 billion and $2 billion (£790 million to £1.58 billion).
The Treasury has REFUSED to guarantee an £8.3 billion budget for Secretary of State for Energy Security and Net Zero Ed Miliband’s big green energy initiative.
Car firms too have rowed back on their commitments to EVs, and targets are being relaxed.
According to reports the UK Government is discussing easing mandatory quotas for them after Nissan warned that excessively high targets and punitive fines were a risk to manufacturing.
Here then we re-publish our story on The Eye from last month about how energy companies are doubling down on putting cash into extracting fossil fuels.
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The correct use of words has been all-important for our Editor, Welshman Phil Parry, during 23 years with the BBC, and a 41 year journalistic career (when he was trained to use clear and simple language, avoiding jargon), so he looks with concern now at how a key phrase used in the vital battle against climate change has today fallen out of fashion, although it remains relevant.
The phrase was used a lot a few years ago, but now it isn’t.
‘STRANDED ASSETS’.
It means leaving fossil fuels in the ground rather than extracting them to create more carbon dioxide (CO2) which is frying the world.
Five years ago there were more than 2,000 published articles using the term.
‘Stranded assets’ also featured in speeches at conferences, and in political dialogue.
Now though you hardly ever hear the term, and this could have something to do with an apparent change of heart by oil majors.
BP for example (remember ‘Beyond Petroleum’?!) used to lead the world in proclaiming its shift towards renewables.
In 2020 it pledged to shrink its oil and gas production by 40 per cent within 10 years, and stop exploring for reserves in countries where it didn’t already operate.
The picture today, however, is VERY different.
In February 2023 the company announced a new plan whereby it would actually EXPAND its oil production for several years to come, and the 40 per cent target was abandoned altogether in favour of one that was around 25 per cent.
Hence, presumably, there would no longer be ‘stranded assets’.
Then there is Shell which uses fine words. They have stated: “Our target is to become a net-zero emissions energy business by 2050 (and) Reduce our absolute emissions by 50% by 2030, compared to 2016 levels on a net basis”.
However the pressure group ClientEarth seemed unimpressed, saying on its website: “In 2020, Shell disclosed emissions of 1,377 million tonnes of carbon dioxide equivalent. Its planned emissions from 2018 to 2030 are estimated to account for close to 1.6% of the global 1.5°C carbon budget.
“Shell is still committed to exploring for new sources of oil and gas and does not have any plans to reduce the overall amount of oil and gas it produces by 2030, the date by which IPCC (Intergovernmental Panel on Climate Change) scenarios say emissions from oil, gas, and coal will need to have substantially reduced”.
About the energy giant Total, they said: “In 2019, it disclosed emissions of 469 million tonnes of carbon dioxide (CO2) equivalent. In 2020, emissions fell to 390 million tonnes of CO2 equivalent – but this rose to 441 million tonnes when the company excluded “the COVID-19 effect”.
“From 2018 to 2030 Total’s planned emissions are estimated to account for c.1% of the global 1.5°C carbon budget.”
Some might say: “Who cares? They’re only words!”.
But the problem is that words MEAN THINGS…
The memories of Phil’s astonishing, decades long award-winning career in journalism (when the correct use of words was all-important) as he was gripped by the rare neurological disabling condition Hereditary Spastic Paraplegia (HSP), have been released in a major book ‘A Good Story’. Order it now.
Tomorrow – how news that Jermaine Jenas split from his wife six months after he was sacked by the BBC following a sexting scandal, has put the giant corporation centre stage once more and their REFUSAL to answer The Eye’s questions about the number of programmes which cannot now be broadcast.
