“For the first time, in my memory, we are actually seeing oil and gas majors talk about climate change as an existential threat. Today for example the minister for oil and gas for Saudi Arabia, Ali Al-Naimi, actually got up on stage in front of this entire group and said that climate change is more of an existential threat to the industry than any down cycle.”
This is what Shannon Cleveland, head of Ceres’ Carbon Asset Risk Initiative, told DeSmog from Houston where she is attending the premier annual oil industry gathering known as CERAweek.
“That is just a message — that even with things as bad as they were in 2015 — no one was talking about here at CERAweek last year,” Cleveland continued. “I think there is actually an opportunity for this industry to start shifting.”
Ceres is a group that, according to its website, works with investors “to weave sustainable strategies and practices into the fabric and decision-making of companies, investors and other key economic players.”
Another sign of the shift was Al-Naimi saying that, “Solar is definitely going to be the answer to energy’s future.” This hasn’t been the typical messaging at past CERAweek events. However, the question that is critical for addressing climate change is — how far in the future?
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