Great question. In general, cutting off the flow of debt financing is harder / less effective in oil & gas than in coal:
1. Many oil companies are state-owned, as Jane says below.
2. Oil & gas companies are less leveraged and rely less on debt than coal companies. (1/4)
That said, what will work in oil (and probably gas) is reducing demand. The sooner oil demand peaks (through EVs, primarily, but also other measures) the sooner it becomes a shrinking inndustry & far less profitable. Capital chaces growth. Capital flees shrinking industries. 2/4
And the timing of peak oil demand depends, in no small measure, to policies we enact. EV mandates / tax break, incentives for *commercial* vehicles going electric, fleet efficiency rules, public transit, densification, etc... all hasten the day that oil demand peaks. 3/4
And in particular, policies that scale EVs faster bring down the unsubsidize cost of EVs, in the same way that German subsidies of solar brought down the unsubsidized cost of solar. That has a global ripple effect, even into countries that have no EV policy. /fin
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