Energy Shift: BP’s net zero by 2050 ambition

Plus: big fines in future for EU car makers; Bezos commits $10B to climate fight; Total may stop fuel oil sales

Hi Everyone,

Some of you have asked for me to offer more of my take on the stories I post. I’ve tried to do that this week with the BP story (see first post). You’ll see that I’m interested in a conversation among diverse sectors to problem-solve our energy future. Check out the ‘My Energy Future’ video and website.

Speaking of futures, the parade of ‘net zero by 2050’ ambitions continue, with multiple posts throughout, including Delta Airlines, by the way. One assessment shows 49% of global GDP is now covered by net zero targets.

This week I included a new section called “Manage Your Expectations” with a few stories on technology developments. Tell me if you want to keep seeing these types of stories.

Scan the rest of the stories. Tell me what’s on your mind and give me critical feedback please.

Thanks and have a great week!
Peter

BP boss Looney sets out to ‘reinvent’ oil giant with zero carbon goal | Reuters

Excerpt: BP set one of the oil sector’s most ambitious targets for curbing carbon emissions on Wednesday as new chief executive Bernard Looney began the biggest revamp in its 111-year history.

“We have got to change and change profoundly because the world is changing fast and so are society’s expectations of us,” Looney said in his first major speech as CEO, after earlier highlighting a need to “reinvent BP”.

Comment: BP faced all manner of criticism over the lack of detail in showing how it would achieve these new targets. So what are the targets? To achieve ‘net zero’ emissions from its own production of oil and gas and halve the emissions produced by consumers of the products it sells by 2050. A BHAG, for sure. That’s a Big, Hairy, Audacious Goal.

I admit I wanted to see more detail too. What is lost in the criticism, however, is the marshaling effect that such a declaration has for enrolling people and resources to this vision for a more decarbonized future – staff, suppliers, the innovation community and even governments. Sure, I’d like to see more detail from all the oil and gas companies that have declared net zero for their own emissions, and more so from those targeting emissions from consumers of their products. For BP’s part, they laid out a 10 point plan. In fact, the 10th is one I find the most interesting: to “Create a team dedicated to helping countries, cities and corporations around the world decarbonize”.

So let’s face some facts here: for the time being, global demand for oil and gas continues to rise (granted oil make peak soon). Until we collectively start to tackle combustion emissions created by all us consumers, companies like BP are simply meeting global demand and making a buck for investors. Sure, call for more detail from the likes of BP, but I’m offering some praise where its due as well.

All this does for me is reaffirm something: the incredible importance and value of diverse sectors coming together to problem-solve consumer emissions. The Energy Futures Lab is a good example of which I’m proud to be a part. As a group, we have a lot of cool initiatives on the go. Check out the next post and the video to learn about the “My Energy Future” campaign. There are many more conversations to be had for sure: like how to evolve building codes, for one example.

What does your energy future look like?

Comment: Please take a few moments to check out the My Energy Future website and the short video below. Then tell me what you think about your energy future. Share it around: #MyEnergyFuture.

My Energy Future – it’s time for a new, “radical middle” vision for Canada’s energy future.

Amazon’s Bezos pledges $10 billion to climate change fight | Reuters

Excerpt: “Climate change is the biggest threat to our planet,” Bezos said in an Instagram post. “I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share.”

The Bezos Earth Fund will begin issuing grants this summer as part of the initiative.

“It’s going to take collective action from big companies, small companies, nation states, global organizations, and individuals,” Bezos said.

BP continues AI push with energy management firm R&B investment | Current News

Excerpt: R&B’s software as a service (Saas) applies AI techniques to energy diagnostics and optimization in the commercial and industrial sector, processing data to generate insights and recommendations for improving energy efficiency and enhancing predictive maintenance in buildings. This then enables building managers to optimise energy performance and therefore reduce carbon emissions.

BP Ventures looking to make ‘complementary’ investments to create digital tech portfolio | Current News
Excerpt: “We like to pick companies that we think are distinctive in their own area and can be standalone, but then also look for investment in parallel areas so we can join them together.”

Total CEO says governments not oil firms must drive carbon curbs | Reuters

Excerpt: Total and rival energy companies had been used as “scapegoats”, Pouyanne said, adding that the debate should be about demand not supply.

“Today, car engines consume oil. If tomorrow car manufacturers decide that most of the cars are electric-driven, the demand will just disappear,” he added.

Total considers stopping fuel oil sales for power: CEO | Reuters

Excerpt: Total aims to reduce the carbon intensity of its products by 15% by 2030 from their 2015 levels. That could be done partly by reducing sales of carbon-intensive products and boosting sales of cleaner fuels as well as renewable power.

The group, which has rebranded itself in recent years as an energy rather than oil and gas company, is targeting a near ten-fold expansion in renewable power generation by 2025 to 25 gigawatts.

Dominion Energy sets 2050 net-zero carbon goal, buys Southern’s stake in Atlantic Coast Pipeline | Utility Dive

Excerpt: The company says it is “poised to support a dramatic reduction in the carbon footprint of the transportation sector” by deploying electric vehicle charging infrastructure and developing the United States’ largest electric school bus program. The utility will also support the use of liquefied natural gas, compressed natural gas and hydrogen fuels in long-haul trucks and maritime shipping vessels.

Virginia approves 100% clean energy legislation, pushing state toward 2.4 GW storage, RGGI | Utility Dive

Excerpt: The act, which requires Virginia’s electric utilities and competitive suppliers to generate electricity from 100% renewable energy by 2050, passed on the same day that Dominion Energy, by far the state’s largest utility, announced its own commitment to achieve net-zero emissions by 2050.

Daimler struggles to meet European CO2 targets with EV production in question | Electrek

Excerpt: Daimler is getting caught in scissor-blade of financial difficulties based on its diesel vehicles and related fines – and because it can’t make enough EVs and fuel-efficient vehicles to meet the EU’s stricter emission standards.

Comment: Electrek also reported that PA Consulting forecasts that Europe’s 13 top auto manufacturers could face more than €14.5 billion in cumulative fines if they are not able to ramp up EV sales. Each year the emissions standards tighten, requiring a lower grams of CO2 per km and targets are assigned specific to each manufacturer. Expect a flurry of activity to boost EV sales there.

In related challenges, Audi suspended production of its e-tron electric SUV in Germany, with battery supply being the suspected reason. Tesla may again benefit in being able to sell credits to those not able to meet their target.

Volvo demonstrates electric heavy duty trucks in North America | The Driven

Excerpt: The pilot demonstration was part of the Volvo Low Impact Green Heavy Transport Solutions (LIGHTS) project, a collaboration between 15 public and private partners to demonstrate the viability of all-electric freight hauling in high-density traffic and urban areas.

Other headlines of interest…

Energy Storage

California Household Battery Sales to Quadruple in 2020 | BloombergNEF

Solar (& Battery)

Rio Tinto joins iron ore mining giants making big switch to solar and batteries | RenewEconomy
Tennessee Valley Authority Adds 484MW of Solar, 50MW of Storage, to Supply Customers like Facebook and Google | Greentech Media
Texas is the US leader in wind – and now it’s ramping up solar | Electrek

Transport

Delta to invest $1 billion to curb global air travel’s climate impact | Reuters
VW will fund dealers to wage local marketing campaigns for EVs | Electrek

Transition

California’s natural gas fight shows the false promise of “renewable natural gas” | Vox
Utilities vs. grid edge upstarts: Turf battles in an increasingly DER-centric world | Utility Dive

Finance

BlackRock climate vow pays off with new ETF’s US$600M debut | BNN Bloomberg

Manage Your Expectations…

Scientists Just Created Liquid Solar Power That Can Be Stored for 18 Years | leapsmag
Battery design breakthrough brings “dream material” into the mix| New Atlas
Bill Gates-led investment may be “game changer” for lithium mining | Quartz
Scientists develop safer lead-based perovskite solar cell | Science Daily
New Invention Generates Electricity “Out of Thin Air” | SciTechDaily