At the FII Investment Institute Conference in June last year, Reliance Industries Chairman Mukesh Ambani mooted an idea of using carbon dioxide (CO2) as a raw material rather than a liability. Prince Abdulaziz bin Salman al-Saud, Minister of Energy of Saudi Arabia, and Patrick Pauyanne, CEO of Total, were also present at the conference. “If we take a clean sheet of paper and adopt technologies whereby we can complete the energy cycle, we can adopt new technologies, particularly biochemical photosynthesis,” he said. He then went on to speak about carbon recycling and completing the carbon cycle, which was disturbed by the industrial revolution. “There is a need to provide efficient, clean and affordable energy. And we have to do it in a responsible way. That’s the business,” he said.
Ambani is not the only one thinking on those lines. In fact, global oil giants, working across the value chain, are transforming the way they treat fossil fuel and do business. Just after taking over as British oil giant BP Plc’s Chief Executive in February 2020, Bernard Looney announced that the company would dramatically shift the way it did business. He said BP Plc would spend more on clean energy and less on fossil fuels. He announced net-zero greenhouse gas emissions by 2050.
Looney’s call for change was well received in the oil and gas industry. Within a few months, Total and Royal Dutch Shell announced plans to reach net-zero emissions by 2050, by increasing spending on low-carbon energy sources like wind, solar and biofuels. US giants ExxonMobil and Chevron also announced goals to cut emissions.
Diese Geschichte stammt aus der May 30, 2021-Ausgabe von Business Today.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der May 30, 2021-Ausgabe von Business Today.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS