HUGE NEWS in the world of ESG: Norway will effectively pause “ethical” divestments by its oil-funded >$2 trillion sovereign wealth fund (and suspended the work of the fund’s ethics adviser for one-year while it rewrites the rules). #OOTT #coal #Gaza #ESG

CHART OF THE DAY: TotalEnergies has released its annual energy outlook. The chart below shows the evolution of the global energy system since 2000. Look at how rapidly both demand for renewables and coal has risen over 25 years. Full slide deck:

Very interesting question on BP's call: Analyst: How do you see the risks to your oil production guidance? BP CEO: "I feel we now have the potential to grow long term organic oil volumes for long duration. And I'm not sure I've been able to say that over the past 25 years"