One of Britain’s biggest fund managers has started selling shares in Exxon Mobil, “saying America’s largest oil company isn’t doing enough to address climate change.”
For IEA scenario reform, the devil is in the details. The IEA must develop a 1.5°C scenario that is aligned with the goals of the Paris climate agreement and address the concerns of key WEO users. Anything less would be easy to discount as greenwashing or another example of the pro-fossil fuel bias at the IEA.
“This is like declaring war on cancer and then announcing a campaign to promote smoking.”
The European Investment Bank (EIB) is the world’s largest multilateral lender, bigger even than the World Bank. As a public bank, it’s tasked with providing finance in the EU public interest, and it has an outsized influence on the EU’s energy system because of the private investment it can “crowd in” and the sheer amount of money it has at its disposal.
“Every year there’s a new temperature record, it’s getting worse and worse and you feel like a broken record saying it. This should be the number one urgent conversation happening right now because it’s not just going to be Alaska, it’s going to be other communities all over the US”
A document from the early nineties reveals that Mobil was worried about climate change and secondly it was already funding groups with the intention of obfuscating the debate.
No matter how much spin they put on it, Canada is heading for its Kodak-climate moment.
We are struck by some parallels between the Ogoni struggle, the insistent energy of the recent School Strikes and Extinction Rebellion’s actions over the past weeks.
The energy company EDF is coming under intense pressure in Scotland to help pioneer a “just transition” from oil to renewables by investing in wind turbine manufacture in the UK, rather than outsourcing the work to Asia.
When it comes to making decisions on expensive and complex energy infrastructure, investors, governments, and companies look decades into the future. Unfortunately for action on climate change, the IEA’s World Energy Outlook has a strong status quo bias.