1 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      2 RUSSIA AND MONGOLIAN BORDER CROSSING NO. 487 WWW.NEWS.MN PUBLISHED:2018/09/20      3 WORLD ECONOMICS REPORTS THAT MONGOLIA’S EMPLOYMENT RATE HITS A FIVE-YEAR HIGH WWW.GOGO.MN PUBLISHED:2018/09/20      4 USD HITS RECORD HIGH IN MONGOLIA DUE TO HIGHER IMPORTS WWW.CHINA.ORG.CN PUBLISHED:2018/09/20      5 READOUT OF VICE PRESIDENT MIKE PENCE’S MEETING WITH PRIME MINISTER UKHNAA KHURELSUKH OF MONGOLIA WWW.WHITEHOUSE.GOV PUBLISHED:2018/09/20      6 MONGOLIA LAUNCHES EU-FUNDED PROJECTS TO PROMOTE GREEN DEVELOPMENT, ENVIRONMENTAL PROTECTION WWW.XINHUANET.COM PUBLISHED:2018/09/20      7 COAL EXPORTS FROM TOP SHIPPER HOBBLED WITH MINERS FACING CONSTRAINTS WWW.MINING.COM PUBLISHED:2018/09/20      8 FRONTIER'S "INVEST MONGOLIA TOKYO 2018" WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/09/19      9 U.S.-CHINA TRADE TUSSLE IS CREATING WINNERS IN SOUTHEAST ASIA WWW.BLOOMBERG.COM PUBLISHED:2018/09/19      10 YUSAKU MAEZAWA: THE JAPANESE BILLIONAIRE WHO WANTS TO FLY TO THE MOON WWW.BBC.COM PUBLISHED:2018/09/19      ШЕНГЕНИЙ БОГИНО ХУГАЦААНЫ ВИЗИЙН МЭДҮҮЛГИЙГ УЛААНБААТАР ХОТОД АВНА WWW.MEDEE.MN НИЙТЭЛСЭН:2018/09/19     2018 ЭХНИЙ 7 САРД МОНГОЛЧУУД ГАДААД РУУ ЭМЧИЛГЭЭНД ЯВАХДАА 19.5 САЯ АМ.ДОЛЛАР ЗАРЦУУЛЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ӨНӨӨДӨР ТӨВ ТАЛБАЙД 4000 АЖЛЫН БАЙРАНД БҮРТГЭНЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/09/19     ЗАЛУУЧУУДЫН ГАРААНЫ БИЗНЕСИЙН ШАЛГАРСАН ТӨСӨЛД 10,0 САЯ ТӨГРӨГИЙН ДЭМЖЛЭГ ҮЗҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/19     WORLD ECONOMICS: МОНГОЛЫН АЖИЛ ЭРХЛЭЛТИЙН ТҮВШИН СҮҮЛИЙН 5 ЖИЛИЙН ДЭЭД ТҮВШИНД ХҮРЛЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ERD: "ХӨНДИЙ" АЛТНЫ ТӨСЛИЙН ТОГТООГДСОН НӨӨЦ 751 МЯНГАН УНЦ АЛТ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ХЯТАДЫН $200 ТЭРБУМЫН ИМПОРТОД ТАРИФ ТОГТООВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/19     ШИВЭЭХҮРЭН БООМТООР ХОНОГТ 60-80 МЯНГАН ТОНН НҮҮРС ЭКСПОРТОЛЖ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/19     БНХАУ-ЫН 200 ТЭРБУМ АМ.ДОЛЛАРЫН ИМПОРТОД 10 ХУВИЙН ТАРИФ НОГДУУЛАХ ШИЙДВЭР ИРЭХ 7 ХОНОГООС ХЭРЭГЖИНЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/18     ӨВӨЛ ЦАХИЛГААН СААТВАЛ ХОТ ДӨРВӨН ЦАГИЙН ДОТОР Л ХӨЛДӨНӨ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/18    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Consumer price index increased nationwide www.montsame.mn

 
Ulaanbaatar /MONTSAME/ In May 2017, the national consumer price index across the country increased by 0.5 per cent compared with the previous month, by 4.7per cent compared with the end of previous year and by 3.7per cent compared with the same period of 2016.
 
This change of 3.7 per cent from the same period of the previous year was mainly due to 9.8 per cent increase in prices of transport group (purchase of vehicles increased by 20.8 per cent), 2.1 per cent in food and non-alcoholic beverages group (milk products increased by 13.8 per cent) and 2.7 per cent in prices for clothing, footwear and cloth group.
 
In May 2017, the consumer price index for Ulaanbaatar consumers increased by 0.6 per cent from the previous month, by 5.4 per cent from the end of previous year, by 3.8 per cent from the same period of 2016. The change of 3.8 per cent from the same period of the previous year was mainly due to increase of 10.3per cent in prices of transport group, 3.1per cent in food and non-alcoholic beverages group, 4.5 per cent in prices for housing, water, electricity and fuels group.
 
INDUSTRIAL PRODUCER PRICE INDEX
 
In May 2017, the industrial producer price index increased by 0.1 per cent compared with the previous month, by 33.1per cent compared with the end of previous year and by 68.6 per cent compared with the same period of previous year.0.1 per cent change was mainly due to increase of 11.1 per cent in electricity, thermal energy and supply sub-sector prices (price of electricity, thermal energy, steam increased by 13.0 per cent), mining and quarrying sub-sector prices decreased by 0.6per cent (other mining and quarrying decreased by 9.8 per cent).
 
SOME MAIN AGRICULTURAL PRODUCTS
 
According to market price of main agricultural products, in May 2017, average price of cattle hide more than 2 meters length was lowest in Khovd, Gobi-Altai and Khuvsgulaimags at MNT 15.0-20.0 thousand and highest in Darkhan-Uul, Arkhangai and Selengeaimags at MNT 32.0-35.0 thousand. Average price of horse hide was lowest in Umnugobi, Zavkhan, Uvs, Bayankhongor, Uvurkhangai, Gobisumber and Tuv aimags at MNT 10.0-15.0 thousand and highest in Ulaanbaatar at MNT 23.0 thousand. Average price for 1 kilogram of white cashmere was lowest in Khentii, Selenge and Dornod aimags at MNT 35.0-40.0 thousand and highest in Uvurkhangai, Khuvsgul, Tuv, Uvs and Bayankhongor aimags at MNT 59.0-68.0 thousand.
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Uber chief to take leave from company www.bbc.com

Uber boss Travis Kalanick plans to take time away from the company, and could return in a diminished role.

The move comes after a review of management and practices at the firm, which is facing a number of scandals.
The review was sparked by a former employee's claims the company ignored her complaints about sexual harassment.
Uber's board voted unanimously on Sunday in favour of the recommendations from the review.
Some of Mr Kalanick's responsibilities could be shifted to other executives.
In the email to staff, Mr Kalanick said the decision to take leave, which also comes after the sudden death of his mother in a boating accident, is part of an effort to create "Uber 2.0".
"For Uber 2.0 to succeed there is nothing more important than dedicating my time to building out the leadership team," Mr Kalanick wrote. "But if we are going to work on Uber 2.0, I also need to work on Travis 2.0 to become the leader that this company needs and that you deserve."
Mr Kalanick's email did not say how long he would be away from the firm.
Uber, a ride hailing company based in San Francisco, has been rocked by a series of controversies in recent months, including an investigation of its business practices and a lawsuit from Google's parent company, Alphabet, over alleged theft of trade secrets related to driverless cars.
It also encountered pushback when it changed its policies around collecting user data.
Its corporate culture has been criticised for being aggressive, and this was inflamed earlier this year when Mr Kalanick was caught on video berating an Uber driver who voiced concerns about fares.
He said in response to the video: "I must fundamentally change as a leader and grow up."
His leave follows the departure of other high-ranked executives.
Uber last week also said it had fired more than 20 staff and taken actions against others following a separate review of more than 200 human resources complaints that included harassment and bullying.
The recommendations released on Tuesday stem from a broader review conducted by the law firm Covington & Burling.
The proposed changes include starting performance reviews for senior leaders, reviewing the firm's pay practices, beefing up its human resources department and installing an independent board chair.
"Implementing these recommendations will improve our culture, promote fairness and accountability, and establish processes and systems to ensure the mistakes of the past will not be repeated," said Liane Hornsey, the firm's chief human resources officer.
"While change does not happen overnight, we're committed to rebuilding trust with our employees, riders and drivers," she added.
Uber has revolutionized the taxi industry since Mr Kalanick launched the ride hailing app less than 10 years ago.
Privately held, investors reportedly valued it last year at nearly $70bn.
But the firm has clashed with authorities, drivers and others as it expanded to more than 600 cities and a workforce of more than 12,000.
The scandals have taken a toll on the company's reputation and business, according to reports.
A Monday survey of US adults by Morning Consult Brand Intelligence found 40% of respondents had a favourable impression of the firm, down from 49% just a week earlier.
TXN Solutions, which tracks consumer spending, also says Uber has lost market share since January, when consumers began a campaign against the company for not taking stronger stance against US President Donald Trump, particularly his Muslim ban.
Mitch Kapor and Freada Kapor Klein, investors in the company who had pushed for change earlier this year, called the recommendations "thoughtful and extensive" and suggested the company was taking the issues seriously.
"Our stated hope all along was that Uber could leapfrog other companies to be a real leader in diversity and inclusion," they said.
"At this point we believe that the company deserves some room to put the plan into effect and show us what can be done."
But Susan Fowler, the former Uber engineer whose blog prompted the controversy, sounded a more sceptical note.
"Ha! Yeah, they'll never apologize. I've gotten nothing but aggressive hostility from them. It's all optics," she wrote on Twitter.
"Remember that this is not about diversity and inclusion, it's about laws being broken. Harassment, discrimination, retaliation are illegal."
Audio from a meeting with employees, leaked to a Yahoo News reporter, underscored how pervasive some of the problems appear to be.
As board member Arianna Huffington talked about having more women on the board, fellow board member David Bonderman interrupted to say the effect is "actually ... much [more] likely to be more talking".

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The national average wage increases by 10 percent www.mongolia.gogo.mn

 
National Statistics Office released social and economic statistics of first five months of 2017.
The average monthly wage per employee who pays social insurance premium reached 959 thousand Tugrik as of first quarter of 2017. Compared to same period of previous year, the average monthly wage increased by 10 percent (87 thousand Tugrik).
The wage raise as follows;
International organization by 9.6 percent (142 thousand Tugrik),
Transportation sector by 11 percent (116 thousand Tugrik),
Manufacturing sector by 24 percent (197 thousand Tugrik),
Mining and exploration sector by 26 percent (519 thousand Tugrik),
Science and technical sector by 27 percent (310 thousand Tugrik).
According to the professions, machine operators and machine assemblers have the highest average monthly salary of 1.2 million Tugrik while certified staffs in agriculture, forestry and fishing paid the minimum salary of 495 thousand Tugrik.
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Rail transport revenues grow www.montsame.mn

 
Ulaanbaatar /MONTSAME/ In the first 5 months of 2017, 8.4 million tons of freight and 1 047.1 thousand persons (double counting) were carried by railway. Compared to the same period of previous year, the number of carried freight increased by 943.9 thousand tons (12.6%) and the number of carried passengers decreased by 15.8 thousand persons (1.5%).
 
Revenue generated from railway transport reached MNT 195.9 billion. It is a growth by 25.7% compared to a year ago, which is mainly affected by growing exports of iron ore and transit transportation of crude oil products via Mongolia between Russia and China as of May of 2017.
 
In the reference period, 1 117.7 tonnes of freight and 261.8 thousand persons (double counting) took aircraft as transportation means. The freight volume decreased by 2.0% and on the other hand, the passengers' number increased by 18.5% compared to the same period of previous year.
 
In the first 5 months, revenue from air transport reached MNT 104.0 billion and increased by 17.5% compared with the same period of previous year. This increase is affected mainly by growing domestic passengers. But in May 2017, revenue from air transport increased by MNT 15.5 billion (34.1%) compared to the same period of 2016.
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Foreign trade surplus increases www.montsame.mn

 
Ulaanbaatar /MONTSAME/ In the first five months of 2017, Mongolia traded with 133 countries and total trade turnover reached USD 4,016.2 million, of which USD 2518.5 million were made up by exports and USD 1497.7 million, by imports.
 
Total foreign trade turnover increased by USD 1.1 billion, in which, exports increased by USD 744.3 million and imports, by USD 325.7 million, compared to the same period of 2016. Trade surplus reached USD 1.0 billion, representing increase of USD 418.7 million from USD 602.2 million as of the same period of 2016. The export rise of USD 744.3 million was due to an increase of USD 747.5 million in mineral products export, particularly the increase of USD 789.3 million in coal export; however, export of precious stones, metal and jewelry decreased by USD 63.2 million.
 
The import increase of USD 325.7 million was mainly due to USD 134.0 million increase in mineral products import, especially USD 81.6 million increase in diesel import and USD 32.2 million increase in petrol import, USD 78.7 million rise in machinery, equipment, electric appliances, USD 55.3 million increase in transport vehicles, their spare parts and USD 30.8 million in base metals.
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Hohhot residents take part in Mongolian ritual www.chinadaily.com.cn

 
On June 7, hundreds of Hohhot residents gathered around a cone-shaped mound called Aobao to offer livestock and libation, praying to the spirits for peace and a bountiful harvest.
The religious ceremony usually falls on the 13th day of the fifth month in the Chinese lunar calender.
During the ritual, bottles of holy water, pieces of scripture, and letters containing prayers were placed on the mound, while colorful ribbons were hung above it.
Apart from Hohhot, many regional places also held rituals, including Hulunbuir, Ulanqab, and Arxan.
Originally a landmark for herdsmen navigating the grasslands, Aobao is usually piled with stones, sand and branches.
After the time of Genghis Khan, Aobao served as a sacred tomb honoring warriors who died in war, with the swords or axes of martyrs inserted in the mound’s peak.
Gradually Aobao has become a place for sacrificial offerings where locals pray to the mountain or spirits, as well as their ancestors.
People now offer corn, meat, fruit and alcohol at Aobao and pray for good weather, a good harvest and good fortune. The sacrificial rites can be on a small scale or part of a grand ceremony.
Every summer, local herdsmen invite Buddhist lamas to chant scriptures around Aobao, and people surround the mound and wish for future blessings.
Some also dress in unique Mongolian-style costumes holding hada, pieces of silk cloth imbedded with separate auspicious meanings according to their colors.
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Meeting addresses SMEs access to finance in Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ The European Bank for Reconstruction and Development (EBRD) in Mongolia is holding a donor coordination meeting today, June 13, to address the current situation, obstacles in and solutions to SMEs access to finance in the country.
 
The meeting is being held within the framework of the EBRD-implemented programme ‘Support for Mongolian economic diversification through SME access to finance’, in cooperation with the Mongolian Ministry of Food, Agriculture and Light Industry, the main beneficiary and partner of the programme which is funded under the European Union’s Asia Investment Facility.
 
Aiming to build synergies between current programmes of donor assistance in SME development and access to finance, disseminate information about the government’s priorities for SME development, and identify areas for future assistance, the coordination meeting is attended by about 60 national and international stakeholders, representing the donor community active in the area of SME development in Mongolia, government officials and representatives of the private sector.
 
“The donor coordination meeting addresses a timely agenda”, remarked L.Bayartulga, Secretary of State at the Ministry of Food, Agriculture and Light Industry during his opening speech. Lars Groenvald, Head of Cooperation at the EU Delegation to Mongolia and China was also present at the meeting to deliver an opening speech.
 
Key presentation of the coordination meeting focused on the Mongolian government’s policy priorities on SME development in Mongolia.
 
Mongolia adopted a SME law in 2007. Although several other legislations including financial leasing law, employment promotion law and credit guarantee fund law are being realized to create a favorable legal and business environment for SMEs, there is a necessity to take other measures to ensure SME growth.
 
“The Mongolian Government prioritizes enhancing the legal environment surrounding SME development, improving SME access to finance and boosting SME competitiveness” Secretary of State Battulga said, mentioning policy measures that are seen crucial in fulfilling the objectives.
 
The agenda also includes an overview of findings from a recent survey on the issue of SME access to finance conducted by the Organization for Economic Cooperation and Development (OECD) last year, in frames of its Enhancing Access to Finance for MSMEs in Mongolia project.
 
As found by the survey, 5 major issues that hamper MSMEs to access finance in Mongolia are availability of data on MSMEs, loan offer (maturity, interest rate, size), collateral, process to obtain a loan and financial literacy.
 
“The OECD team in collaboration with the representatives of public and private sectors came up with the best policy recommendations to enhance access to finance for MSMEs”, said E.Buyanchimeg, Local consultant at OECD.
 
Five priority policies corresponding to the five obstacles are aligning statistics on MSMEs with the OECD SME Financial Scoreboard; diversifying the products offered by the SME Development Fund; overcoming the collateral issue by enhancing the operation of the Mongolian Credit Guarantee Fund; streamlining administrative procedures for loan applications; and improving financial education by ensuring the national strategy is tailored to MSMEs.
 
As such, the donor coordination meeting also facilitates a panel discussion on donors’ inputs on addressing the issues of SME access to finance.
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USD 1 billion loan from China approved www.mongolia.gogo.mn

State Great Khural approved amendments to the USD 1 billion loan agreement established between Government of Mongolia and the Export-Import Bank of China.
Thus, the Chinese side will decide the expenditure of 95 percent of the financing for projects to be implemented under the agreement while the Government of Mongolia will manage the remaining 5 percent.
In addition, general agreement on loan to be granted from Poland was approved. The Government of Poland agreed to provide EUR 50 million export loans to Mongolia with 0.15 percent interest rate and 28 years period. Mongolia will pay interest-only in the first five years.
Moreover, additional financing of agreement on "Market and pastoral management development Mongolia" between the Government of Mongolia and International Fund for Agricultural Development was approved by the State Great Khural. Within this framework, USD 9.06 million financing agreement is planning to be established.
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Thousands Take to Moscow Streets, Hundreds Detained www.themoscowtimes.com

Hundreds were arrested across Russia Monday in nationwide "anti-corruption" demonstrations organized by the opposition leader Alexei Navalny. The protests coincided with “Russia Day,” a national holiday.
Several thousand attended the Moscow rally despite the fact that it was an unsanctioned demonstration. Navalny changed the location a day before the rally, asking supporters to take to the central Tverskaya Street instead of Prospekt Sakharova, which is on the outskirts of the city center. According to Navalny, authorities had withdrawn permission to install sound equipment at the Prospekt Sakharova location.
The unofficial presidential candidate was detained as he headed out of his house to the rally.
Dozens were arrested already within the first hour of the rally. Detentions were usually accompanied by cries of “Shame! Shame!”
According to the police watchdog NGO OVD-Info, at least 600 were arrested in the Moscow protests alone.
A reporter for The Moscow Times witnessed several detentions, including that of prominent opposition activist Ilya Yashin, who was dragged off into a police van. Another protester we removed by police for waving a sheet of paper that looked like a protest banner.
An hour after the rally started, police started separating the crowd into groups and then isolating them from each other — a tactic known as "kettling." Several journalists ended up inside these “kettles.”
Detentions increased as police pushed back on the crowd.
“They were pushing so hard that I thought they could break my neighbor’s bones”, Anna, 23, said after the rally. “Many were crying, people were hysterical.”
Navalny said the police action would be unlawful.
“We have our constitutional right to gather peacefully with political demands", Navalny told his supporters on his YouTube channel the day before.
The rally started at 2 PM. By 4 PM, Tverskaya Street was largely cleared of demonstrators.
“I was here not because of Navalny, but because I wanted to show that I care about the future of my country. And [the authorities] ruined my day completely,” Pavel, in his twenties, told The Moscow Times.
As with the previous demonstration organized in March, Navalny’s call to come out on the streets seemed to enthuse youngsters disproportionately. Russia’s protest base has grown younger compared to Bolotnaya protests of 2011-2012.
Navalny’s bases his popular appeal on an anti-corruption platform. His investigation of Prime Minister Dmitry Medvedev’s alleged corrupt activity has already received tens of millions of hits on Youtube and has defined him as Russia’s strongest and most influential opposition leader.
Speaking after the rally, former liberal politician and political commentator Leonid Gozman told The Moscow Times that he believed the Kremlin had already “lost the battle.”
“They can’t rule without people,” he said. “And they don’t have them anymore”.
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Oil giants need to invest heavily in renewables by 2035, says analysis www.theguardian.com

More than a fifth of investment by the largest oil and gas companies could be in wind and solar power in just over a decade, according to analysis of how global changes in energy will reshape the sector.
Slowing demand for oil and forecasts of rapid growth in renewables posed both a threat and and opportunity BP, Shell and Total among others cannot ignore, said research group Wood Mackenzie.
“The momentum behind these [renewable] technologies is unstoppable now,” said Valentina Kretzschmar, director of research.
“They [the oil companies] are recognising it is a megatrend; it’s not a fad, it’s not going away. There is definitely a risk to their core business.”
The commodities analysts found the major energy companies would need to spend more than $350bn (£275bn) on wind and solar power by 2035 to take a market share similar to the 12% they have in oil and gas.
Wood Mackenzie admitted that such spending was high even for oil companies and therefore an “unlikely scenario”, but forecasted that renewables could still be more than a fifth of capital allocation beyond 2030.
Most of the oil and gas giants are slowly beginning to transform in the face of climate change policies and slowing demand.
Norway’s Statoil is to deploy the world’s first floating offshore windfarm later this year off Scotland to buoy its existing portfolio of offshore turbines. Shell spent several hours of its annual general meeting in May boasting of its commitment to tackling climate change and to renewable power projects, such as windfarms off the coast of the Netherlands.
Wood Mackenzie said most oil and gas companies realised renewables posed an existential risk to them and needed to hedge against the threat by diversifying.
“Capturing the growth opportunity in this growing market is a driver, but let’s not also forget there is investor pressure,” said Kretzschmar, citing the 62% of shareholders who voted at Exxon’s AGM to force the company to be more transparent on climate change.
Like BP, Wood Mackenzie predicted demand for renewables would grow faster than oil in the next two decades: the analysts forecasted annual growth rates of 6% for wind and 11% for solar, compared with 0.5% for oil demand.
Offshore windfarms are probably the most attractive individual technology because of the comparable in scale to drilling for oil and gas, Wood Mackenzie said. But “dramatic reductions” in costs for solar and wind meant that in some places both technologies were now subsidy-free, it added.
Kretzschmar said the European oil and gas companies had embraced renewables much more eagerly than US rivals such as Exxon and Chevron because the US firms had lower cost oil and gas production.
Statoil said it now employed about 100 people in its energy solutions division, which includes wind and carbon capture. The gas and renewable power division of France’s Total, which includes solar, biofuels and batteries as well as gas, employs 13,000 people and accounted for $4.7bn of capital expenditure in 2016.
Anglo Dutch firm Shell has said its new energies unit will spend $1bn a year on biofuels, hydrogen and renewables by 2020, up from the $200m it spent last year, mainly on R&D.
Wood Mackenzie said returns for renewables were about half those of oil and gas production, but the long-life of cashflow from assets such as windfarms could help firms support their dividends.
The analysts warned that companies that delayed diversification could risk finding themselves left behind - “at a structural disadvantage” - if wind and solar grow even more rapidly than expected.
Revenues from oil and gas are 33 times the level of renewables, but expected to narrow to 13 times by 2035.
Campaigners said Total was the only European oil and gas major taking renewables seriously.
“It has ambitious plans. For BP and Shell, renewables are nice for PR, but they are not doing anything significant on it. So the idea all the majors could be doing 20% [of capital expenditure on renewables] is quite bold,” said Greg Mutitt of Oil Change International.
However, he said that even a fifth of investment was incompatible with the goals of the Paris climate deal. “Twenty per cent of Capex doesn’t even come close [for Paris]. You could put it the other way, that 80% of Capex is still causing the problem.”
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