A topical comment piece by Uwe Heitkamp, publisher of ECO12323
Petrol and diesel fuel are the dirty energies of yesterday. During a transitional period of perhaps 20 to 30 years, they will continue to be used, though less and less. Solar and wind power and hydroelectricity are clean energy sources, with which we are already producing more electricity year by year, to power both our houses and electric vehicles. The Paris Agreement stipulates that the move away from oil, coal and gas should start NOW.
That is why one may well ask why GALP is starting to drill for oil in the Atlantic off the Alentejo at this precise point in time, instead of investing money in clean energies?
With this in mind, who can have a clear conscience about continuing to fill up with petrol and diesel at GALP petrol stations? And who can have no reservations about investing in GALP shares, knowing that GALP is sinking good money into oil wells.
So, one may well ask another question: why should we all continue to fill up at GALP or invest in GALP shares and put our money there?
The only language that managers like Carlos Nuno Gomes da Silva understand is when they check their cash flow on Monday and realise that their supply is not matched by demand. And once the share price starts to plummet, the company will realise that their economy only has a future if based on ecology.