Month: August 2020

The devastating economic impact of the novel coronavirus pandemic is an unprecedented disaster for global markets, with the world almost certainly plunging into a yearslong worldwide recession. This almost entirely unanticipated interruption to business as usual has some silver linings, however. For decades, world leaders and environmental and climate scientists have been paying a lot of lip service to the need for a global energy transition toward cleaner forms of power, but the momentum of the economic status quo has proven extremely difficult to slow. There have been some strides…

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BHP (ASX, LON, NYSE: BHP) is fine-tuning details of a revamped strategy to reduce the company’s operational emissions and its use of diesel, which will set concrete targets to be reached by 2030, chief executive Mike Henry said on Thursday. The “very tangible actions” to be announced on September 10, are part of the world’s largest miner’s broader commitment to become carbon-neutral by 2050. Henry told shareholders he would also announce concrete steps towards reducing the company’s Scope 3 emissions (those generated by end-users), an important consideration given BHP is…

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Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers with impossible breakevens. Canada’s capital spending fell 54% in Q2, to $3.88 billion, according to Statistics Canada. This is down from $8.46 billion in Q1 2020 and $8.59 billion in Q4 2019. The Canadian Association of Petroleum Producers estimated a couple of months ago that the full-year spend for its oil and gas production sector would be just above $23…

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