Slowly but surely, voices in favor of common sense energy policies are starting to emerge. It is true that, at this juncture, these voices do not yet confront the ‘Church of Global Warming’, and their criticism is still confined to matters of the feasibility of the ‘Net Zero’ failed, crippling policies and regulations – but that’s a start, anyway.
UAE’s energy minister Suhail Al Mazrouei is the latest in this trend, stating that long-term predictions need to have a reality check’.
Al Mazrouei lent his approval to a recent article by JPMorgan Chase’s Jamie Dimon. He wrote that US delays of liquefied natural gas projects were done ‘for political reasons.’ According to him, Biden means to cater to those who believe oil and gas projects should be stopped altogether — a position that he calls ‘wrong’ and ‘enormously naïve.’
Bloomberg reported:
“The head of JPMorgan Chase & Co. made the comments […] in his annual shareholder letter, in which he touted replacing coal with natural gas as one of the best ways to reduce carbon dioxide emissions for the next few decades. Dimon also called LNG exports a ‘great economic boon’ for the US as well as a ‘realpolitik goal’.
‘Our allied nations that need secure and affordable energy resources, including critical nations like Japan, Korea and most of our European allies, would like to be able to depend on the United States for energy’, the chairman and chief executive officer said in his letter.”
Now, the UAE Minister has come out in agreement with Dimon.
CNBC reported:
“JPMorgan’s calls for a “reality check” on the world’s energy transition goals and pathway is ‘sensible’, the UAE’s energy minister told CNBC.
‘We need always, whenever we put up predictions, especially long term ones, to have a reality check’, Suhail Al Mazrouei told CNBC’s Dan Murphy in Riyadh, Saudi Arabia on the sidelines of the World Economic Forum.”
JPMorgan warned that a move from fossil fuels to renewables could take “generations” to reach present net-zero targets.
High interest rates, inflation and wars are setting back efforts to reduce the use of fossil fuels like oil, coal and gas.
“’I think it’s a very sensible article’, said Al Mazrouei. The minister, however, highlighted that the circumstances and financial capabilities of each country on undertaking the energy transition goals will vary.
‘The world is not the same … Some can afford it. They worked on fiscal changes, they adjusted their energy costs. Others have not, [they] cannot afford to do it’, he added.”
We are still far away from the point where authoritative voices will state unambiguously that the 2015 Paris Climate Goals were prompted by bogus science alarmism.
For now, they blame a ‘higher interest rate environment’ for making it costlier for the world to transition.
“’The higher cost of borrowing negatively affects renewables and nascent technologies, compared to more established oil and gas, and metals and mining sectors, which remain somewhat insulated’, [Al Mazrouei] said.”
We have seen Scotland’s government scrap its 2030 climate target, and major oil companies such as BP and Shell trim back on climate targets.
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