29 Aug, 23

Global Fossil Fuel Subsidies Skyrocket To $7 Trillion

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This weekend, the chief executive of BP, Bernard Looney, said that the world needs to invest in more oil and gas production. Just two years ago, such a statement from Looney would have caused a shock. The then-new CEO of the supermajor had wholeheartedly embraced the energy transition and had big plans for BP’s expansion into virtually every facet of it. Things have changed. Now, Looney says, “We need to invest in today’s energy system responsibly,” while also keeping the transition going, per a Reuters report from Saturday. He is by far not the…

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