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Carney New Oil & Gas Investment Is Still Needed In The Energy Transition

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1 year ago

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Investment in new oil and gas production will still be needed in the energy transition as demand will still be there over the next few decades, Mark Carney, former governor of the Bank of Canada and the Bank of England, said in an interview with CTV on Sunday.

The world is raising investments in clean energy, but oil and gas will still be necessary and will need investment to keep up with demand, said Carney, who is currently head of transition investing at Brookfield Asset Management.  

The energy crisis and policy actions sent global investment in low-carbon energy sources soaring to a record $1.1 trillion in 2022, with the money spent on the energy transition equaling for the first time investment in supply of fossil fuels.

“We’ve moved from investment around the world of about 50 cents in clean energy five years ago relative to every dollar in fossil fuels, in conventional energy, to now, that ratio is we’re spending more on clean energy than we’re spending on fossil fuels in terms of investment,” Carney told CTV.

“But that ratio, by the end of this decade, to be on track to where the world needs to get to, needs to go to about four-to-one or five-to-one, clean to fossil fuels.”

“But it’s four-to-one, it’s not four to zero, so there still does need to be some investment in fossil fuels,” he added.

Saudi Arabia, the world’s top crude oil exporter, has been warning for years that the rush to ditch fossil fuels and the reluctance to invest in new supply would create shortages in oil and gas while the world still needs them. 

Now the top executives of the biggest international oil and gas firms are joining Saudi Aramco in calling for an “orderly” transition in which people should get the secure and affordable energy supply they currently need and they currently get from fossil fuels.

The energy transition needs to happen in an orderly fashion, BP’s chief executive Bernard Looney said earlier this year. Chevron’s CEO Mike Wirth said in March that “one of the greatest challenges of all time” was to keep secure and affordable supplies flowing while managing the energy transition.

“We have to be very careful about turning system A off prematurely and depending on a system that doesn’t yet exist and hasn’t been proven.”

By Tsvetana Paraskova for Oilprice.com

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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7 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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