%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R ] /Count 1 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R /F4 11 0 R >> /XObject << /I1 14 0 R >> >> /MediaBox [0.000 0.000 612.000 792.000] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20180419171458+00'00') /ModDate (D:20180419171458+00'00') /Title (Report 04-2018) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 2467 >> stream 1.000 1.000 1.000 rg 45.266 311.178 521.469 435.556 re f 0.773 0.773 0.773 RG 0.75 w 0 J [ ] 0 d 45.641 311.553 520.719 434.806 re S 0.773 0.773 0.773 rg 61.016 326.928 m 550.984 326.928 l 550.984 327.678 l 61.016 327.678 l f 0.000 0.000 0.000 rg BT 61.016 695.342 Td /F1 13.5 Tf [(Big oil is it losing out?)] TJ ET 0.400 0.400 0.400 rg BT 61.016 666.755 Td /F2 9.0 Tf [(Posted on )] TJ ET BT 104.045 666.755 Td /F3 9.0 Tf [(June 14,2017)] TJ ET BT 160.079 666.755 Td /F2 9.0 Tf [( by )] TJ ET BT 174.587 666.755 Td /F3 9.0 Tf [(admin)] TJ ET q 225.000 0 0 180.750 61.016 467.307 cm /I1 Do Q 0.000 0.000 0.000 rg BT 286.016 503.457 Td /F4 9.0 Tf [(Big oil is it losing out on our renewables future? This is the )] TJ ET BT 61.016 458.516 Td /F4 9.0 Tf [(question that Oil and Gas experts Wood McKenzie are asking in a new report. Demand for wind and solar are rising much )] TJ ET BT 61.016 447.527 Td /F4 9.0 Tf [(faster than oil demand \(see graph\). Several people at my church worked for Wood McKenzie and one of these thought )] TJ ET BT 61.016 436.538 Td /F4 9.0 Tf [(that all the oil majors interest in renewables was greenwash. Its hard to argue with him since soon after he made that )] TJ ET BT 61.016 425.549 Td /F4 9.0 Tf [(argument BP and Shell to name but two withdrew almost totally from their renewables businesses. Now really on Statoil )] TJ ET BT 61.016 414.560 Td /F4 9.0 Tf [(and Total are investing in renewables. Statoil in the new offshore floating wind turbine technology in Scotland and Total in )] TJ ET BT 61.016 403.571 Td /F4 9.0 Tf [(solar. Wood McKenzie's argument is that big oil is it losing out financially since oil growth is so low compared to )] TJ ET BT 61.016 392.582 Td /F4 9.0 Tf [(renewables. Wood McKenzie reckon the oil companies need to spend $350bn by 2035 to get the spending share to that )] TJ ET BT 61.016 381.593 Td /F4 9.0 Tf [(of their oil and gas assets. They also said that the companies would need to spend 20% of all capital expenditure on )] TJ ET BT 61.016 370.604 Td /F4 9.0 Tf [(renewables beyond this date. At the moment its hard to see this. The companies talk a great game on tackling climate )] TJ ET BT 61.016 359.615 Td /F4 9.0 Tf [(change but it still in most cases seems like hot air. 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