As pressures build for the energy industry to move away from fossil fuels, two new reports examine the risk that fossil-fuel companies will default on future obligations to decommission offshore oil and gas infrastructure and pass the costs on to the public. The reports lay out recommendations to avoid such a scenario. They were just published by the Sabin Center for Climate Change Law and the Columbia Center on Sustainable Investment (CCSI), as part of their broader Climate Law and Finance Initiative.
More than 12,000 offshore oil and gas installations straddle the globe, and industry analysts anticipate annual offshore oil and gas investments to reach $173 billion by 2024.
News article on 6 September 2023 by MARTIN LOCKMAN AND MARTIN DIETRICH BRAUCH from news.climate.columbia.edu
For further reading, please visit news.climate.columbia.edu >> How Do We Dismantle Offshore Oil Structures Without Making the Public Pay?