a bold program to slash carbon emissions and invest in clean energy, while Eni SpA said Friday it’ll consider accelerating its ambitious climate plan.
“The situation is totally different since the last time oil prices were this low,” said Nick Boyle, chief executive officer of solar company Lightsource BP. The cost of solar is a 10th of what it was during the recession of 2008 to 2009. Even as crude has slumped, “in the last few weeks we have announced new deals on nearly 400 megawatts of new capacity in the U.S. alone,” he said.
Any recovery in demand will be gradual, given the damage done to the global economy, according to London-based consultant Energy Aspects Ltd. Even before the pandemic, major crude producers were still feeling the effects of the previous slump — deep spending cuts, elevated debt and questions about the sustainability of their huge dividends. Now they’re reducing investment again, with cuts of about 20% from Shell, BP Plc and Total SA.
Ben van Beurden, chief executive officer of Royal Dutch Shell Plc, poses for a photograph following a Bloomberg Television interview at the Oil & Money conference in London, U.K., on Wednesday, Oct. 9, 2019. Van Beurden said that climate change had now become a mainstream issue, and solutions would involve collaboration between sectors rather than a sweeping move to cut oil and gas supplies.
Shell’s Van Beurden has promised that his company will spend $1 billion to $2 billion on new energies this year, increasing to as much as $3 billion in 2021. Yet neither Shell nor BP have provided a blueprint on how much they will invest in clean energy to fulfill their pledge to eliminate the bulk of their emissions by 2050.
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