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Expand chart
Data: BCG oil and gas investor survey, 2021; Chart: Thomas Oide/Axios

A new survey of institutional investors shows they feel increasing pressure to move away from fossil fuels and a growing belief that global oil demand will peak this decade.

Driving the news: The Boston Consulting Group polled 250 investors on the future of oil and gas, and how it fits into their strategies.

  • Many are somewhat bullish on oil prices. 48% predict Brent crude will range from $60-$80 per barrel in 2024 and 20% seeing $80-plus.
  • Investors are "optimistic that the...industry can continue its recent streak of strong short-term shareholder returns."
  • 19% "absolutely" agree that crude demand will peak by 2030 compared to 9% with that view in last year's survey, while 41% "somewhat" agree.
  • 57% feel pressure to divest from fossil fuels, 65% feel pressure to reduce those fuels' weighting in their portfolios, and 75% feel pressure to invest in "green" funds and companies.

The big picture: The findings show divides and convergence with climate advocates.

  • On the divides front, nearly 70% say companies should be "actively pursuing" growth in natural gas production, with 85% seeing it as a "bridge" toward decarbonization.

What's next: BCG predicts increasing pressure on the oil industry. "Only 39% of respondents currently factor climate risk into their valuations of [oil-and-gas] companies, but another 40% say they plan to follow suit," BCG notes.

The intrigue: There's wariness about industry investments in carbon capture and storage, even as oil companies — including Exxon and Chevron — tout their efforts.

  • 59% are "uncertain" about its value, while 37% see it as "value accretive." There's higher confidence in renewable power, storage and hydrogen.

Go deeper: U.S. now the world's top liquefied natural gas exporter

Go deeper

Ben Geman, author of Generate
Jan 12, 2022 - Economy & Business

Powell likely won't do what green activists want most

Illustration: Sarah Grillo/Axios

Federal Reserve chairman Jerome Powell is offering Democrats fresh pledges to make climate change a priority, but there's little sign he believes the central bank should act to thwart Wall Street finance for polluting industries.

Driving the news: Powell told the Senate Banking Committee Tuesday that the Fed would proceed with analyzing banks' readiness to grapple with global warming and the ways climate change can threaten financial stability.

11 mins ago - Sports

Olympians avoiding COVID at all costs ahead of Beijing Games

Illustration: Annelise Capossela/Axios

10 days out from the Olympics, athletes around the world are battening down the hatches in hopes of making it to Beijing COVID-free.

Why it matters: The Beijing bubble — a closed-loop system meant to shut off the outside world entirely — is the strictest ever created for a global sporting event.

15 mins ago - World

DOJ's China Initiative under scrutiny as cases fall apart

Illustration: Annelise Capossela/Axios

The tide of public opinion may be turning against the Justice Department's China Initiative, as more cases fall apart and more of the researchers charged are speaking out.

The big picture: Chinese government-linked economic and industrial espionage in the United States is a real concern, but the China Initiative's flaws may be overshadowing the problem it was intended to address.

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