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BUSINESS MAVERICK: Pandemic plunge: Shell to write off up to $22bn in assets

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Global oil major Royal Dutch Shell is writing off up to $22-billion worth of assets in the face of the Covid-19 pandemic, which has gutted oil and gas demand, and prices. A day of reckoning may be in the offing for the fossil fuel industry that built the world economy and brought us the climate crisis at the same time.

Shell said in April 2020 that it planned to shift from fossil fuel production to reduce its greenhouse gas emissions to net zero by 2050. The impairments are certainly a move in that direction, but they also point to job losses, and falling profits and investments on the immediate horizon. BP has already announced a $17.5-billion asset write-down.

“Just a few years ago, few within the oil and gas industry would even countenance ideas of climate risk, peak demand, stranded assets, liquidation business models and so on. Today, companies are building strategies around these ideas,” he said. There must still be stranded assets galore out there in the tanking oil and gas sector. And for South Africa and the region, there must now be a question mark over a host of projects and pipe dreams.stringent measures including job cuts

 

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