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    Home > Chemicals Industry > International Chemical > International investment institutions may set up capital walls, and oil and gas giants are transforming "food shortage"

    International investment institutions may set up capital walls, and oil and gas giants are transforming "food shortage"

    • Last Update: 2021-11-13
    • Source: Internet
    • Author: User
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    From October 31st to November 12th local time, the 26th United Nations Climate Change Conference (COP26) was held in Glasgow
    .


    Participants discussed the implementation of the emission reduction commitments and temperature control targets of the Paris Agreement, and the governance of climate issues


    The financial industry joins forces to provide environmental protection funds

    The financial industry joins forces to provide environmental protection funds The financial industry joins forces to provide environmental protection funds

    Based on the current carbon emission intensity, it is almost impossible to achieve the climate target of the Paris Agreement
    .


    The United Nations warned that existing climate commitments will heat the earth by 2.


    At present, COP26 has made a series of emission reduction commitments, but the most interesting one is the commitment of the financial industry, especially the establishment of GFANZ
    .


    Mark Carney, the current UN climate action financing envoy, said that through GFANZ, a rapid and large-scale increase in net zero capital commitments may achieve the 1.


    However, other experts at the conference believed that the role of financial institutions was exaggerated
    .


    They believe that 130 trillion US dollars refers to the company's total assets under management, of which only about one-third may be used for low-carbon investment projects in the next critical decade


    European Investment Bank to be a "climate bank"

    European Investment Bank to be a "Climate Bank" European Investment Bank to be a "Climate Bank"

    In fact, many financial institutions have not dispelled the willingness to invest in fossil energy for the time being, especially when the global supply of fossil energy is severely short
    .


    John Glenn, Secretary of State for Economic Affairs at the UK Treasury Department, said: “Obviously we cannot stop investing in certain energy sources overnight


    However, on the eve of COP26, the European Investment Bank (EIB) once again reiterated that it will no longer provide loans to any oil and gas companies from 2022, and has increased the conditions
    .


    Even traditional high-polluting companies that want to develop low-carbon projects cannot get loans


      Analysts believe that it is a general trend for international multilateral development banks to reduce international public financing of fossil fuel production projects in the future
    .


    For the international oil and gas giants, this means that one of the important reliance on the transformation path has disappeared


      Analysts said that due to the demonstration effect of institutions such as EIB, international multilateral banks have seen a trend of stricter review of projects from the establishment of projects to the eventual cessation of loans to projects with high pollution potential in the operation of physical projects
    .


    The "2021 Production Gap Report" recently released by the United Nations Environment Programme (UNEP) also shows that the Group of Twenty (G20) and major multilateral development banks have significantly reduced international public financing to support fossil fuel production in recent years


      It's harder for oil and gas giants to finance

    It's harder for oil and gas giants to finance harder for oil and gas giants

      In the future, the financing of oil and gas giants will obviously be more difficult
    .
    However, in the third quarter that has just passed, with the gradual recovery of major global economies, especially the economic recovery in Asia, oil and natural gas prices have rebounded strongly, and major multinational oil and gas giants have continued to benefit
    .
    The oil and gas giants have stated that the high returns of oil and natural gas will provide sufficient funds for the company's low-carbon business
    .
    However, on the other hand, it is more difficult for oil and gas giants to let go of oil and gas revenue, which has also increased the difficulty of financing
    .

      After a lucrative quarter, multinational oil and gas giants have not forgotten to continue their green and low-carbon transformation
    .
    But at COP26, multinational oil and gas giants were absent unprecedentedly
    .
    Shell CEO Van Burden reluctantly stated in a conference call that the oil and gas giants were told that they were not welcome at COP26
    .
    Prior to this, the British media had also reported that the British government and the COP26 organizer categorically rejected all lobbying by oil and gas giants
    .
    At the same time, the statement of EIB and the establishment of GFANZ indicate that the oil and gas giants can almost only rely on "oil dollars" if they want to transform
    .
    In the future, oil and gas giants are likely to face deeper reforms
    .


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