https://www.theguardian.com/business/2024/nov/20/mckinsey-fossil-fuels
"Two giant, mirrored walls are set to rise out of the sands of the Arabian
desert. They will run parallel for more than 100 miles from the coast of the
Red Sea through arid valleys and craggy mountains. Between them, a futuristic
city which has no need for cars or roads will be powered completely by
renewable energy.
This engineering marvel, its creators say, will usher in “a revolution in
civilization”. It’s the jewel in the crown of a $500bn Saudi government project
known as Neom, turning a vast scrubland into a techno-utopia and world-class
tourist and sporting destination. Perhaps a harbinger for the end of oil, it
will supposedly put the powerful petrostate at the forefront of the energy
transition. For American consulting giant McKinsey & Company, its advising on
this project appears to be making good on the firm’s green promises.
But behind closed doors, it has also helped the Saudi kingdom find lucrative
ways to keep its oil industry afloat. While the identities of the firm’s
clients and how much they pay for its advice are closely guarded secrets,
documents analysed by the Centre for Climate Reporting (CCR) and the
Guardian
reveal that Neom accounted for at least 5% of McKinsey’s revenue in the United
Arab Emirates in 2023. Meanwhile, state-owned Saudi Aramco, the world’s biggest
oil company by output, accounted for between 1% and 5% of McKinsey’s UAE
revenue in the same period. (McKinsey’s operation in the UAE is a major hub for
its work across the Middle East.) Aramco’s CEO earlier this year described the
phase-out of oil as a “fantasy” that should be abandoned.
McKinsey has even quietly worked on a government program which aims to keep
poorer nations hooked on Saudi oil, sources alleged. It’s just one example of
the firm claiming to help the world move to cleaner energy while quietly
advising its clients on boosting fossil fuel production or sales."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
