by Bloomberg
|Thursday, May 06, 2021
Asian refiners are expanding at a breakneck pace, even building massive new plants designed to run for at least half a century.
(Bloomberg) Predictions of peak oil and the impending demise of fossil fuels will hit Asian oil refiners especially hard. The region is home to three of the top four oil-guzzling nations, and more than a third of global crude processing capacity. Yet, Asian refiners are expanding at a breakneck pace, even building massive new plants designed to run for at least half a century.
What is going on?
After a century of powering the world’s vehicles, oil refiners are having to plan for an oil-free future in mobility as cars begin switching to batteries, ships burn natural gas, and innovation brings on other energy sources such as hydrogen. Goldman Sachs Group Inc. predicts oil demand for transportation will peak as early as 2026.
(Bloomberg) Predictions of peak oil and the impending demise of fossil fuels will hit Asian oil refiners especially hard. The region is home to three of the top four oil-guzzling nations, and more than a third of global crude processing capacity.
India needs $401B Capex to fight climate change: Report
Since India is set to far exceed most of its 2015 Paris Agreement targets on climate change, analysts are keenly watching whether it raises its pollution curtailment targets or signals a net carbon neutrality deadline at the two-day climate summit.
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$400 billion in capital investment, which could
save over 100 GW of energy and 1.1 billion tonnes of greenhouse gases between 2015 and 2030 if it goes ahead with the measures to control pollution under the
Paris Climate Agreement, says a report.
Since the country is set to far exceed most of its 2015
Paris Agreement targets on climate change, analysts are keenly watching whether India raises its pollution curtailment targets or signals a
India needs $401 bn capex to fight climate change: Report
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Last Updated: Apr 22, 2021, 08:22 PM IST
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Synopsis
The report expects India to step up its emission curtailment targets by 2047 and announce the same at the summit. Several large global economies have committed to be carbon neutral by 2050; and China has set a 2060 target.
Agencies Over 2015-30, India could drive USD401 billion in capex, which could lead to over 106 gw in energy savings, and 1.1 billion tonne per annum reduction in Co2 and impacting 99 stocks with a market capitalisation of USD 1.4 trillion, BofA said in a note.
The country needs over USD 400 billion in capital investment which could save over 100 GW of energy and 1.1 billion tonne of greenhouse gasses between 2015 and 2030, if it goes ahead with the measures to control pollution under the Paris climate agreement, says a report. Since the country is set to far exceed most of its 2015 Paris Agreement targets on climate change, analysts