As Big Oil loses billions, the global ratings agency, S&P has announced it was placing ExxonMobil, Chevron, Shell and Total on a so-called “credit watch”.
Last year, we rated ExxonMobil as “grossly insufficient” on all ten of the criteria. There are tiny steps forward in the new announcement, but nothing that changes any of our ten metrics from “grossly insufficient” to “insufficient,” let alone to even “partial alignment.”
Last Friday, in an historic judgement, Shell’s day finally came. A Dutch court ordered that Shell’s Nigerian subsidiary pay compensation for oil spills in the Niger Delta that stretch back decades. Do not underestimate this moment.
The raft of new bold climate policies by Joe Biden has left the oil industry “stunned” with fossil fuel stocks “plunging” due to his actions.
President Joe Biden has made good start on climate change. But one area that the President is coming under pressure is to take action over fossil fuel subsidies and finance.
And so as President Biden sets to work on his programme for his first 100 days, there is increasing hope for significant on climate change rising from the toxic legacy of the Trump Administration.
There are numerous press reports that Biden plans to scrap the highly controversial $9 billion Keystone XL pipeline on his first day in office.
From a climate perspective, Trump’s presidency was a disaster. The world burned on Trump’s watch
Pressure is growing on prominent oil companies, such as Exxon and Chevron, to cut financial ties with key Republican members of Congress who have adopted Trump’s false narrative that the election was somehow stolen.
The IEA is finally taking a major step towards living up to its ambition to lead the clean energy transition.