{"id":44487,"date":"2019-03-14T10:24:34","date_gmt":"2019-03-14T15:24:34","guid":{"rendered":"https:\/\/olduvai.ca\/?p=44487"},"modified":"2019-03-14T10:24:36","modified_gmt":"2019-03-14T15:24:36","slug":"the-oil-industry-faces-a-crisis-of-confidence","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=44487","title":{"rendered":"The Oil Industry Faces A \u2018Crisis Of Confidence\u2019"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/oilprice.com\/The-Environment\/Global-Warming\/The-Oil-Industry-Faces-A-Crisis-Of-Confidence.html\">The Oil Industry Faces A \u2018Crisis Of Confidence\u2019<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/c6ec80229bbe32a626e93c0366efc3f1.jpg\" alt=\"Oil Industry\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The oil industry is starting to feel the pressure of climate change.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oil executives, by and large, have not been swayed to change their business practices despite years of warnings about the climate crisis. However, they are beginning to listen to shareholders who are demanding change, while also seeing policy risks looming just over the horizon.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The annual IHS CERAWeek Conference in Houston is usually a gathering of oil titans who meet to celebrate their business. A backslapping affair, the event doesn\u2019t spend too much time worrying about climate change.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This year is a bit different. There has been palpable anxiety about the future. Shareholders are putting pressure on companies to report their risks and exposures to climate change. At the same time, oil executives are worried that shifting technologies, pushed along by government policy, will threaten future oil sales.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norway\u2019s Equinor sounded the alarm. Eldar Saetre, CEO of the Norwegian oil company, said that the industry faced a \u201ccrisis of confidence,\u201d and that companies were not doing enough to plan for the epochal change that is beginning to unfold. \u201cWe need to drive this as an industry, to be part of the solution and not be dragged into a low-carbon future,\u201d Saetre told\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/top-oil-execs-call-for-change-as-climate-technology-concerns-threaten-industry-11552315391?mod=djem_EnergyJournal\">the Wall Street Journal<\/a>. Some companies are taking action, but \u201cthere is definitely denial within companies and in boardrooms, as well as ignorance and an unwillingness to act.\u201d\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last week, Norway\u2019s $1 trillion sovereign wealth fund proposed a&nbsp;<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Is-This-A-Precursor-For-Peak-Oil-Demand.html\">divestment<\/a>&nbsp;from oil exploration companies, an event that may turn out to be a significant moment in history, marking the beginning of a difficult chapter for the oil industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Oil Industry Faces A \u2018Crisis Of Confidence\u2019 The oil industry is starting to feel the pressure of climate change. Oil executives, by and large, have not been swayed to change their business practices despite years of warnings about the climate crisis. However, they are beginning to listen to shareholders who are demanding change, while [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,4],"tags":[141,1053,6010,1278,23083],"class_list":["post-44487","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-environment","tag-climate-change","tag-climate-crisis","tag-nick-cunningham","tag-oil-industry","tag-oil-price-com"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44487"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44487\/revisions"}],"predecessor-version":[{"id":44488,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44487\/revisions\/44488"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}