It’s that time of year again when the oil industry has to face its shareholders and investors in public: AGM season. Over the coming days, Big Oil executives will have to respond to questions about how they are reconciling the plans for expanding fossil fuel growth with their public commitments on climate change.
This morning in the luxurious Plaza Hotel in Brussels, many of the world top oil firms assembled for a conference on “Go Net Zero Energy.” But newly released internal documents reveal that Big Oil messaging on climate change and net zero are based on spin and “deception”.
A peer reviewed paper, published today in Nature Communications, examines the global decarbonisation scenarios produced by BP, Shell and Equinor and finds they are incompatible with the climate objectives of the Paris Agreement.
Today is Shell’s AGM, where the company will try and spin to its shareholders and the wider public that it is leading the climate fight and race to net zero. But its all a climate charade. Its all a lie.
After some of the most destructive flooding ever to hit South Africa last week, which resulted in over 400 killed and 40,000 displaced, climate activists are calling on the government to speed up the transition away from fossil fuels.
Central banks could play a critical role in catalyzing the rapid shift of financial flows away from oil, fossil gas, and coal, and toward the zero-carbon solutions required to confront the climate crisis. To date, however, this is still not happening.
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.
“Of course, when the clock strikes midnight to turn to January 1, 2021, the world won’t instantly be cured of either COVID or our fossil fuel addiction. But, nevertheless, as we look towards 2021, there is hope on the horizon.”
A new report, published today by UNEP and other environmental groups, outlines the “Production Gap”, the discrepancy between countries’ planned fossil fuel production and global production levels consistent with limiting warming to 1.5°C or 2°C.