Less oil to pollute the planet
Energy transition must accelerate...
Yes colleagues, even if counterintuitive, in my view, these are good news…
This week OPEC cartel decided to slash 2mn barrels a day from production targets equivalent to 2% of global supply. This means less oil produced to pollute the world and the planet should thank them for it.
The oil cartel seems to be playing to take economic advantage of the sensitivity of the world economy to energy prices and inflation. In my view, this is a shortsighted approach that should push the rest of the economies to accelerate the adoption of clean technologies. If the world can continue operating without this oil means we are in a the good path for the energy transition.
Too cheap oil won’t incentivize the transition to invest and develop clean tech. I consider this to be a booster for the energy transition as make financing of new technologies more feasible which is what you need to disrupt and reduce costs. I don’t think this what the Cartel has in mind 😊
More initiatives like California law to produce all its energy carbon emissions free by 2045, set the type of ambitious collective objectives to solve the problem (at least partially).
The adoption of green H2 for power generation and transition to Electric Vehicles (EVs) will be a good answer to the Cartel ambitions of keep world´s dependency of fossil fuels.
In other words, thanks OPEC!
Very interesting subject, thanks for posting.