Suncor Energy Inc. T.SU

Fossil fuel delegates at Climate Conference

[Donwaan]

More than 600 delegates affiliated with the fossil fuel industry are attending this years climate talks in Egypt. The attendance at COP27 marks a 25 percent increase from last years summit in Glasgow, Scotland, where the fossil fuel industry already counted more delegates than any single nation. The path to averting climate catastrophe isnt through negotiations flooded with industry lobbyists, said the director of the African Climate Campaign at the United States non-profit Corporate Accountability. Africa has seen nations from the continent argue they should be allowed to develop fossil fuel resources to help lift their people out of poverty. Namibias petroleum commissioner said representatives from many oil and gas companies were attending the summit precisely because Africa wants to send a message that we are going to develop all of our energy resources for the benefit of our people. The United Nations Intergovernmental Panel on Climate Change (IPCC), however, has issued stark warnings against developing any new fossil fuel infrastructure in order to limit warming to 2C or 1.5C and avoid catastrophic effects, including more frequent wildfires, longer periods of drought and devastating floods. Shell, TotalEnergies, Eni and Repsol have reportedly made $79.4 billion in profits so far this year. These eye-watering profits have only been possible thanks to oil and gas companies enjoying strong prices since the invasion of the Ukraine. A number of countries did not charge a windfall tax a one-off levy on profits that result from a sudden gain to a particular company or industry which UN Secretary-General Antonio Guterres called for in order to help countries harmed by the climate crisis. ( I believe Canada has opted out of a windfall tax and has included oil company representatives with it's delegation. The poorer oil rich African countries are between a rock and a hard place.)

[marketsense]

Windfall tax idea may sound good at first blush but really in essence will do nothing to solve the energy shortage facing Europe or the rest of the world.  What it will do is disincentivize the very thing that the world is so desperately in need of.  It is totally misguided and counter productive to creating more supply. I wonder if it is just a case of playing to the masses who have no

[befree]

very well spoken who is ready to park their merces and or suv and buy a bike we are in a world  ( economy) that is builr on the almighty dollar do not be fooled by politicians looking for perks and votes the oil industry will be profitable and be around for a long time yet that being said i believe that mankind will find a way to work thru this yes it is a problem however  more mining to

[Donwaan]

Did you boys miss this sentence? The UN Intergovernmental Panel on Climate Change (IPCC), however, has issued stark warnings against developing any new fossil fuel infrastructure in order to limit warming to 2C or 1.5C and avoid catastrophic effects, including more frequent wildfires, longer periods of drought and devastating floods. It isn't about supply and demand, it's about avoiding

[MigraineCall]

Despite UN rhetoric, COP 27, and noble statements, the plain fact is that national energy security will always take priority over carbon initiatives. Hunger and freezing to death seem to be good motivators. It IS about supply and demand. We will fight wars over it as demand exceeds supply. This policy was clearly laid out in China's congress last month, as well as the increased use of coal

[mrbb]

The so call IPCC scientists are bunch of flunkies who couldn't get real job from the private sectors so they need invent research studies that could keep on sucking on governments grants like global warming (now changed to broad fuzzy term climate change) for pertpetual free money. You obviously have no science background, hence easily fooled by con men with fake science. What a joke to

[mrbb]

you fool cop27 = wealth transfer

[mrbb]

why didn't the 600 delegates conduct conference using zoom? it's hypocrite to jet setting around the world, then get taxi tour around Sharm el- Sheikh  in the name of climate action.  Their action is anti climate and anticlimactic  

[Konaboy]

Not sure about taxis, but lots of other things to ride in Sharm. They had a string of issues, from gatherer bombs to shark attacks to Arab spring, and the mainstay brits stopped coming.  So they marketed heavily to Russia. For tourism. Last time I was there, it was overrun by short bald gangsters and very tall high heeled blondes. Tbh, I would not want to f with either of them.