Upstream finance in flux as net-zero concerns battle business pragmatism

The challenge of financing upstream projects is becoming acute, as pressure from activist shareholders and advocacy groups means traditional sources of funding are drying up. In what is emerging as another  ‘culture war’, African officials increasingly attack those trying to defund hydrocarbons, while critics work to derail projects. Renewables are playing a growing role in the energy mix, but many countries’ dependence on oil and gas will remain for decades. Some western financiers are pushing back to remain involved in exploration and production.