Oil companies are risking some $400 billion in stranded assets with their focus on petrochemicals production growth that relies on strong growth in demand for plastics, Carbon Tracker has said in a new report . “The oil industry is pinning its hopes on strong plastics demand growth that will not materialise, as the world starts to tackle plastic waste and governments act to hit climate targets,” the organization said. Big Oil companies are banking on demand for plastics replacing much of the demand for oil from the transport sector as EVs displace internal combustion engines. But Carbon Tracker’s The Future’s Not in Plastics report suggests that growth in plastics demand will actually be much weaker than Big Oil needs because of an expected shift “from a linear plastic system to a circular one and governments act to hit climate targets.” If this proves true, it will make for terrible […]