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Europe’s oil refiners outline path to climate neutrality by 2050
(EurActiv, 15 Jun 2020) The European oil refining industry association, whose members includes Shell, BP, ExxonMobil and Total, outlined on Monday (15 June) a €650 billion plan to completely decarbonise transport fuels by 2050.
The industry has embarked on what it says is the beginning of a journey to reach climate neutrality by mid-century.
“From the beginning we’ve supported the Paris Agreement and Europe’s climate neutrality goal,” said John Cooper, director general of FuelsEurope, whose members include big oil and gas companies active in exploration, production, refining, and chemicals.
With the climate and coronavirus crises “there will be no return to business as usual for the fuels industries,” the association said in a statement on Monday.
By 2050, oil refiners expect automobiles to have shifted to electric mobility, causing a sharp drop in demand for petroleum-based products in transport.
As a result, oil refiners expect the market for liquid fuels in transport to contract to a level which is “about one third and a half of today’s demand,” Cooper said.
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EurActiv, 15 Jun 2020: Europe’s oil refiners outline path to climate neutrality by 2050
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