For years, a small clique of investors has questioned the logic of putting money into oil and gas pipelines that take decades to pay off when climate change policy was pushing the energy sector away from fossil fuels.
Banks and other institutions, however, largely continued to finance the multibillion-dollar projects,confident in projections by oil and gas companies that the so-called energy transition would take time and oil and natural gas would be needed for decades to come.
But a rash of cancellations and delays of new pipelines, largely brought on by the coronavirus pandemic, raises questions of whether those skeptics’ warnings are starting to catch on and the cancellations reflect a newfound wariness among banks to back the projects in view of an uncertain future for fossil fuels.
Read full storie at Houston Chronicle – Photo as posted on HC (Enterprise Products Partners liquids storage facilities in Mont Belvieu, Texas.Photo: Enterprise Product Partners / Enterprise Product Partners)