Good morning, here's what the Oilman has for you today:

• Banks Made More on Green than Oil Loans in 2023

• Climate Science Has Emissions Problem

• Upcoming Oil and Gas Events

• Tweet of the Day

Banks Made More on Green than Oil Loans in 2023

The world’s top lenders made $3 billion from fees on green bonds and loans.

From oil, gas, and coal, they made “just” $2.7 billion.

And that’s somehow good news.

Well, it’s not

The reason banks made more money from green loans and bonds is that they issued more green loans and bonds.

Why?

Because the so-called transition industries are struggling to make ends meet.

We saw it in their stocks last year.

We saw it in the canceled projects.

But sure, it’s good news banks made $3 billion in fees on those industries.

Oil and gas meanwhile made so much money from selling their products that they didn’t need that much debt.

It’s just a little bit ironic.

But it gets even better.

Despite their higher fee revenue from green financing, all but one of the world’s top 10 banks are lending more to oil and gas than to green industries.

Whatever they do, it’s never enough

“Banks still aren’t keeping pace with the rate of transition that’s required to avoid catastrophic climate change.”

This comes from a transition activist with a group called the Sunrise Project.

BNEF analyst Trina White agrees, as do many other energy analysts.

Banks need to lend more – a lot more – to green industries to make the transition happen.

So why aren’t they?

Well, it seems they’re too busy lending to oil and gas and making some good money on the interest.

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Climate Science Has Emissions Problem

For years now, we’ve been repeatedly told carbon dioxide emissions are the greatest evil of our time.

And the oil and gas industry is the villain spewing those emissions.

Turns out even climate change research has an emissions footprint.

And now some scientists want to scale back to reduce those emissions.

Climate clown world

All the apocalyptic predictions about the Earth’s climate are based on modeling.

But modeling requires energy.

Some of the modelers have grown concerned that their activity contributes to emissions.

Just like, you know, everything we do, including breathing.

By the way, did you know there are researchers measuring just how much we emit by breathing?

Yep. That’s what’s being funded as science.

Anyway, some are not happy with those concerned scientists who want to scale back their modeling.

Because Carbon emissions from research are the price we must pay to understand the world”.

That’s what one such unhappy scientist says.

It could’ve made a great joke if it weren’t actually happening.

Not all emissions are created equal

So, let’s get this straight.

Emissions are bad. Very bad.

Except when they come from wind, solar, and climate research.

Not that anyone involved in the transition admits wind and solar generate emissions.

And those from science are, apparently, necessary.

We’re officially in Crazyland.

Upcoming Oil & Gas Events

• January 16: TIPRO/IPAA Leaders in Industry Luncheon, Petroleum Club of Houston, Houston, TX

• January 17: IPAA Private Capital Conference, The Post Oak at Uptown Houston, Houston, TX

• January 17-18: GO-WV Winter Meeting, Marriott Town Center Hotel, Charleston, WV

• January 18: Kansas Oil and Gas Day Legislative Reception, Kansas State Capital, Topeka, KS

• January 23-25: POWERGEN International, Ernest N. Morial Convention Center, New Orleans

Around the Global Patch

🇳🇴 Norway greenlights first Arctic carbon capture.
🇨🇳 China's LNG boom: European energy concerns.
🇮🇳 India extends key LNG deal with Qatar.

Tweet of the Day

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