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Ecuador Political News

Is the end of oil close to coming?

The Government suspends the refinery’s arrangement - Ecuador Times

Climate activists and international investors are putting oil companies on the ropes, a global action that is also closing in on the Ecuadorian state-owned Petroecuador.

Along these lines, environmental activists recently achieved several victories. One of them is the Dutch court ruling forcing the oil company Shell to reduce its carbon dioxide emissions by 45%. In addition, a few days ago the investor group Engine No.1, which defends the reduction of emissions, managed to get several experts in green energy to join the board of the oil giant Exxon as members. The proposal was supported by the investment fund BlackRock, which owns almost 7% of the company’s shares and which is committed to the need to review the business strategy given the possibility that the demand for fossil fuels could decline rapidly in the next few decades, according to various press reports.

To read the full story on El Comercio, click here.

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