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By Adam Vaughan, The Guardian
Oil firm says gas could account for 10% of global energy consumption by end of century
Planes and trucks powered by hydrogen will be a crucial part of efforts to cut carbon emissions to safe levels, according to oil giant Shell.
For the first time, the Anglo Dutch firm, which is facing calls by activist shareholders to take stronger action on global warming, has mapped out how the world could hit the Paris climate deal’s target of keeping temperature rises below 2C.
While development of hydrogen cars has stalled in the face of rapid growth in battery-electric vehicles, Shell believes the gas could account for 10% of global energy consumption by the end of the century.
The company’s Sky scenario, published on Monday, envisages that as fossil fuel use declines, old oil and gas facilities will be repurposed for hydrogen storage and transport.
Shell has no large scale hydrogen production but is a major player in natural gas, from which hydrogen can be made. The company launched its first hydrogen refuelling point in the UK last year and on Tuesday will open a second at a service station in Buckinghamshire.
The scenario envisages the first intercontinental flight in 2040. By 2070, the majority of trucks will be powered by hydrogen or batteries, as Tesla is planning.
Shell sees oil demand stagnating in the 2020s, followed by gas demand falling rapidly from 2040 as competition from renewables bites.
Many power grids will be forced by legislation to become entirely run off solar, wind and hydro power by 2040. But the biggest impact from governments will come from carbon taxes or prices put in place by 2030 across rich countries and China.
Industry watchers noted that the Sky scenario would still see temperatures rise to around 1.7-1.8C, above the Paris accord’s goal of pursuing efforts to limit rises to 1.5C, in addition to “well below” 2C.
Link here to view the full Guardian article
J. Sainsbury SBRY has been forced to cut its final dividend, even if only by a small amount,0.1p or 1.2%, making a total cut for the year of of 8.3%. It claims a strong performance in clothing, general merchandise and financial services which, coming from a food store, indicates a problem or two with the food side of the business. Group sales for the full year fell by 1.1% and like for like by 0.9%. Underlying profit before tax slumped by 13.8% and basic earnings per share were down by 8.3%
Ryanair RYA hit new records in April with traffic growing by 10% to 9.9 million and customer load factor up by 2% points to 93% and all achieved despite strikes by air traffic controllers in a number of European countries. Annual traffic growth over the past 12 months now stands at 12%. What was that Willie Walsh was saying about weak markets only a few days ago – test – how many can tell me accurately and now what his airline’s name is, this year.
SHELL RDSA First quarter cash flow nearly disappeared with a fall of 91%, whilst first quarter income was down by 89% as the oil crisis savaged the company. Shell fought back with cost cuts and with strong results from Downstream and Integrated Gas. The combination with BG also got off to a strong start.
JD Wetherspoon JDW saw third quarter like for like sales grow by 3.8% and total sales up by 5.5%. Nineteen pubs have been closed since the start of the financial year of which only 8 have been sold but 16 new openings are expected for the year. The full year outcome is expected to be reasonable.
Direct Line DLG claims another quarter of top line growth on which it is aiming to build fir the rest of 2016. First quarter gross written premiums rose by 4.2% with Motor & Home being singled out as strong. despite the no of policies in force has actually fallen over the past 12 months, with only Motor and Commercial showing a rise.
Paddy Power Betfair PPB The merged group has got off to a good start with revenue fior the 3 months to the end of March up by 16% and operating profit by 36%. All 4 of its brands are trading well.