Last month, Europe supported a call by India to phase down fossil fuel use as part of a COP27 deal. Now, partially due to the Russian-Ukrainian war, it seems to be changing its mind. Find out more at 🚀 engineering interestingengineering
“The scope of the development plans we are submitting to the Minister of Petroleum and Energy is a manifestation of our ambition to create the oil and gas company of the future – with low costs, low emissions, profitable growth, and attractive returns,” said in a statement Karl Johnny Hersvik, CEO of Aker BP.“We are uniquely positioned for profitable growth, not least through our role as operator for several of the major field developments on the Norwegian shelf in the years ahead.
This development does not bode well for renewables which were on a good path in Europe up until the war. In January of 2021, an annual report from Ember and Agora Energiewende renewables produced 38 percent of the European electricity mix in 2020, compared to 37 percent by fossil fuels.The landmark moment had come following the rise of wind and solar power in Europe, with both sources nearly doubling numbers since 2015.
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