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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Jessica Weisman-Pitts

    Posted on October 29, 2021

    Featured image for article about Top Stories

    LONDON (Reuters) – Leaders of Europe’s biggest oil and gas companies said political leaders attending U.N. climate talks that start this week must make carbon markets more effective and that only governments can effectively curb fossil fuel demand.

    Oil majors will be among the big companies conspicuous by their absence at the COP26 meeting that begins in Glasgow, Scotland, on Sunday to attempt to agree ways to limit the planet’s warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels.

    Ben van Beurden, the chief executive of the world’s biggest fuel retailer Royal Dutch Shell, told reporters this week that, as oil and gas companies, “we were told that we were not welcome” at COP26.

    European oil majors have set much more ambitious emissions cutting targets than their U.S. rivals, but they also have to fend off accusations that, over decades, they hid the role that their products played in heating the planet.

    They have long supported carbon pricing as a business-friendly way to engineer a transition to a cleaner economy, but agreement on the role of carbon markets has proved a major sticking point at climate talks.

    “This carbon credits market is currently unorganised, unregulated and therefore dangerous,” TotalEnergies Chief Patrick Pouyanne said this week, but he reiterated his support in principle.

    “Our positions are well known, we are in favour of carbon pricing,” he said.

    Shell’s van Beurden in a LinkedIn post on Friday, echoing previous comments by BP Chief Executive Bernard Looney, said oil companies alone could not control demand for fossil fuels.

    “Let’s say Shell switched the products we sell overnight. Instead of petrol and diesel, motorists at our service stations could only get hydrogen, or recharge their electric cars. It wouldn’t make people buy a hydrogen or battery electric car. They would simply drive down the road and fill up at one of our competitors,” van Beurden said.

    “So governments will have to play an essential role in helping to shape demand, using mandates where needed, creating the right climate for investment, and helping steer society towards low-carbon and renewable energy.”

    (Reporting by Shadia Nasralla in London; additional reporting by Benjamin Mallet in Paris; editing by Barbara Lewis)

     

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