RIYADH: Russia’s invasion of Ukraine continues to affect the decision making of key market players such as Exxon Mobile.
Aside from this, companies worldwide such as Peabody Energy, AstraZeneca Plc, and American International Group continue to take clean energy-centric initiatives in the pursuit of net zero emissions.
Through a micro lens:
- Largest private sector coal company in the world Peabody Energy seeks to expand into clean energy after 139 years of coal mining.The firm plans to do so via a joint venture with asset management firm Riverstone Credit Partners and private equity firm Summit Partners Credit Advisors to establish utility-scale solar projects around coal mines that have come to a halt, Bloomberg reported, citing a statement.
- American multinational oil and gas corporation Exxon Mobil has announced that it will exit $4 billion worth of oil and gas operations in Russia, Reuters reported. This move puts the multi-billion-dollar Sakhalin liquified natural gas plant project in doubt.
- British-Swedish multinational pharmaceutical and biotechnology company AstraZeneca Plc to develop a new type of inhaler device that uses propellants with a net-zero impact, Bloomberg reported. This comes as the inhalers the firm currently provide account for an estimated 800,000 metric tons of carbon dioxide equivalent per year, representing 10 percent of the company’s total carbon footprint.
- Multinational finance and insurance corporation American International Group has announced that it will stop providing underwriting services and investment to the development of new coal fired power facilities, thermal coal mines, or oil sands, Reuters reported. This comes as the firm aims to achieve net zero greenhouse gas emissions across its global portfolios by 2050.
