Oil Companies Have Trillions in Unpaid Health & Environmental Debt
BP, Eni, Repsol, Shell, and TotalEnergies have paid back just 5% of the €13 trillion in societal and environmental debt.
BP, Eni, Repsol, Shell, and TotalEnergies have paid back just 5% of the €13 trillion in societal and environmental debt.
Originally published on Transport & Environment Fossil fuel companies are using their privileged access to EU lawmakers to lobby against the decarbonisation of transport. Six oil companies and their lobby groups stand accused of dirty tactics designed to slow down, or even block, climate action and the move to a zero-emission … [continued]
Form Energy says a pilot iron-air battery storage system will be operational by 2023.
A new report from independent financial think tank Carbon Tracker has concluded that the world’s seven leading oil and gas majors must cut production by an average of 35% by 2040 if global emissions are to be reined in and kept “well below” 2°C, in accordance with the Paris Agreement’s commitment.
Some years back I visited one of the major automobile manufacturers with some investor clients of mine. We met the CTO of that particular company, who asked us “what is the biggest mistake the automobile industry has made in the last century?” Despite the varied responses from the audience, we were all surprised by his answer: “We never controlled the fuel value chain” and to that he added “and we won’t make the same mistake with electric cars.”
Two new reports published within days of one another have outlined the difficulties inherent in continuing anything close to “business-as-usual” for oil and gas companies around the world, and the increasing pressure to begin transitioning to low-carbon operations.
It hasn’t even been two years since Shell abandoned it’s stupid and expensive arctic oil drilling campaign. But the Trump administration — that never met a stupid idea it wasn’t gung-ho in favor of — has reopened the can of worms. And, of course, there’s a hefty Russian connection.
Thirteen industry leaders and associations from across Europe launched the new “Make Power Clean” initiative on Monday, which aims to promote a European electricity market designed to deliver cleaner electricity across the region.
Five of the world’s six largest listed oil companies, including ExxonMobil and Shell, run the risk of wasting more than 30% of potential investment on high-cost upstream projects that are unnecessary and potentially harmful if we are to ensure the world does not warm beyond 2⁰ Celsius above pre-industrial levels.
The world’s largest oil company, Saudi Aramco, is apparently mulling over as much as $5 billion in renewable energy investments as part of plans to diversify from crude oil production, according to people with knowledge on the matter.