The Future of Europe

There is no doubt that the green revolution is underway and arguably Europe is its epicentre. The European energy sector has faced headwinds for more than a decade as refiners overseas often held an advantage. Beit more sophisticated refineries, cheaper feedstock costs, or in many cases, both. Covid-19 was just another factor that would further diminish the significance of European refining and ultimately lead to another round of capacity closures. But now increasingly, European energy majors are seeing an opportunity to reorientate their business models to exploit the growing environmental pressure on their businesses and access government subsidies. Central to this is the European Unions’ goal to cut greenhouse gas (GHG) emissions by 55% by 2030 and achieve climate neutrality by 2050. Whilst the strategies to achieve carbon neutrality are varied, most energy majors are investing in biofuels as part of their strategies to achieve their climate goals.
 

2021 05 07 - The Future of Europe

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