Joe Biden the President-elect talked about U.S net zero carbon goal by 2050 a year ago which was not taken seriously at that time but now it looks like that his thinking was way ahead than others but similar to the BP plans about zero-carbon targets.
In the current scenario, petroleum companies are getting reading for exceptional changes in energy consumption which is in line with Biden’s vision. The newly elected President will now push its policies that will be in line with the companies policies.
The statements given by Biden and BP about zero carbon emission portray the same meanings.
BP is not the only company which is looking for clean energy. Valero crude oil refining business is not performing well but the company is making a profit from recycling used cooking oil and turning it into diesel. The Total(TOT) is spending $3 billion a year on renewables projects. Both Shell and B are spending huge amount of money in solar and in wind power for producing clean energy.
The renewable energy companies have crossed the traditional energy suppliers. For example, NextEra Energy (NEE) crossed ExxonMobile in market value. Renewable energy companies are up 57% this year
Over the past few years, the oil and gas business become a nightmare for the investors and COVID-19 added more fuel to the fire. Without the zero-carbon policies employment in renewable will outpace the jobs in traditional energy sectors. The jobs in renewable energy are growing whereas it’s declining in the oil and gas sector. The U.S. Labor Statistics expects faster growth in some renewable energy jobs than in oil and gas professions such as wind power service technicians with a 61% expected growth rate in near future.
For his proposal, Trump has criticised Biden, claiming that the Democrat would ban fracking, a
the line that the president hoped will operate in states with numerous fracking sites like Pennsylvania.
Biden said he did not endorse new fracking schemes earlier this year. Since he said he will only prohibit new licences on federal land that make up less than 10% of the land used for oil and gas production, he has clarified his stance. During Thursday’s discussion, Biden said he wants the US to gradually step away from petroleum and gas until it is completely gone.
That doesn’t vary too much from the words of BP.
