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Has the energy crisis slowed Big Oil’s clean transition?

Oil demand in certain regions is projected to grow in the coming years. Megan Lampinen hears more

2022 proved a bumper year for the world’s oil majors ExxonMobil, Chevron, Shell, bp, and TotalEnergies. Mastermind Investor estimates that these players together made a profit of more than US$200bn, more than double the previous 12-month period. But what happens to the balance sheet as industries like transportation become more climate conscious?

Major markets around the world are cracking down on vehicle emissions in the form of internal combustion engine (ICE) bans, electric vehicle (EV) incentives and net zero targets. Europe’s Fit for 55 package should slash net greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and achieve climate neutrality by 2050. As of 2035, the region will ban the sale of new ICE cars and vans. The US government has the same 2050 carbon neutral goal alongside the aim of having half of all new vehicle sales be electric by 2030. For Big Oil, a regional readjustment could be on the cards.

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