Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuels
The war on plastic waste could scupper the oil industry’s multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.
Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about $400bn (£300bn) to help grow the supply of virgin plastics by a quarter over the next five years, to compensate for the impact of electric vehicles and clean energy technologies on demand for fossil fuels.
Continue reading…Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuelsThe war on plastic waste could scupper the oil industry’s multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about $400bn (£300bn) to help grow the supply of virgin plastics by a quarter over the next five years, to compensate for the impact of electric vehicles and clean energy technologies on demand for fossil fuels. Continue reading…