A recent report by the International Energy Agency (IEA) looks at the specifics on size, growth, and financials behind the fossil fuel industry, namely for coal, oil, and natural gas.
I chat about some highlights and lowlights in this gargantuan report.
A couple surprises, for me at least. Nationally Owned (Fossil Fuel) Companies (NOCs) are responsible for over half of the GHG emissions, and own over 60% of the fossil fuel reserves on the planet. We often scapegoat the so-called “majors” oil companies, however their emissions are only about 13% of the total.
In reality, we are often concerned about the high level of fossil fuel subsidies, when the biggest culprit is actually country governments that own “nationalized” oil companies that are culpable for the bulk of global emissions and own the bulk of the fossil fuel reserves. No wonder they do not want to cut production, since they would lose vast taxation revenue and profits.
Gargantuan Report:
“The Oil and Gas Industry in Net Zero Transitions”
https://iea.blob.core.windows.net/assets/f065ae5e-94ed-4fcb-8f17-8ceffde8bdd2/TheOilandGasIndustryinNetZeroTransitions.pdf
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by paulhenrybeckwith