With banks shunning fresh investments in fossil fuel development, oil majors are now seeking funding from alternative markets to augment their operations, LEADERSHIP reports.
There has been expectation, though, that the year 2023 may see dwindling funding for fossil fuel as lending to the oil and gas industry continues to diminish.
According to reports, more banks pledged in 2022 to stop funding some or all types of new fossil fuel development as lenders are under increased pressure from shareholders and society to cut back on the emissions profiles of their client portfolios.
The oil and gas industry, on the other hand, was flush with cash last year as prices soared, but the sector stuck to capital discipline and, especially in the United States, focused on remunerating shareholders and paying down debts instead of taking on more loans.
Meanwhile, last year, clean energy projects…
Oil Firms Face Capital Challenges As Clean Energy Funding Hits $580bn
