Up to 50% of oil majors’ production could be hit with carbon costs over the next decade, if the countries and regions that currently price carbon extend their policies to the extractives sectors. Up to 50 percent of oil majors’ production could be hit with carbon costs over the next decade, if the countries and regions that currently price carbon extend their policies to the extractives sectors, according to a new study from Wood Mackenzie. “As carbon policy intensifies, the oil and gas majors will face more regulatory burden and are likely to face increasing costs,” Paul McConnell, research director of global trends for Wood Mackenzie, said. “Green financing could also mean higher cost of capital for more carbon-intensive oil assets such as oil sands, as investors shift to alternative fuels and lower-carbon technologies,” he added. Wood Mackenzie’s study shows that only 13 percent of global emissions are currently […]