Nasdaq DUBAI – A COP28 pledge by energy majors to reduce their emissions is not enough to convince many sustainable fund managers to include the companies in their portfolios because it omits pollution from the use of oil and gas, six interviews with Reuters show. The pledge by 50 of the biggest oil and gas companies at the U.N. climate talks in Dubai
Oil Price This week saw the release of the latest report from the International Energy Agency, which called for a fast reduction in oil and gas investments and production, embracing alternative energy sources instead to help advance the transition. Also this week, media picked up another story that makes the ground for the IEA report a bit shaky. The story
US News LONDON – Big U.S. investors at the top five western oil firms’ shareholder meetings this year rebuffed an activist group’s resolutions to align their emission targets with the Paris climate pact, in contrast to some European peers, voting data showed. Netherlands-based activist group Follow This was created first to target Shell and subsequently expanded to file climate resolutions
Oil Price The world’s largest international oil and gas majors have changed their tune on medium to long-term strategies since the Russian invasion of Ukraine and the energy crisis last year. All European majors continue to target net-zero emissions by 2050, but some of the biggest, including BP and Shell, have scaled back promises to cut back oil and gas production
Oil Price Environmentalists and critics are having a field day after a second international energy major scaled back its renewable development ambitions in the space of just a few months. But Big Oil’s renewed focus on profitable projects in oil and gas and the new, selective approach to wind, solar, and other clean energy solutions with the best economics could
Oil Price A Dutch court ruled against Shell two years ago in a case targeting the supermajor’s emission footprint. It obliged the company to slash its emissions by almost half from 2019 by 2030. In response, then-CEO Ben van Beurden wrote a post on LinkedIn, noting an obvious fact that seems to have remained a mystery for the environmentalists that sued Shell
Oil Price Five international oil companies active in Brazil have petitioned a federal court to suspend the 9.2% tax on crude oil exports that new president Ignacio Lula da Silva introduced soon after he came into office, angering the industry. According to the government, the new tax will serve to attract more investments in the country with a focus on
Oil Price Big Oil majors with operations in Brazil have filed an injunction against a new oil export tax that the Lula da Silva government introduced surprisingly a week ago. The Brazilian government announced at the start of this month that it would collect taxes on crude oil exports for four months in a bid to offset the effects of an
Oil Price Constant accusations of knowing the effects of their products on the environment and lawsuits have become constant companions of oil companies in the last few years. The successes that activists have had—such as Friends of the Earth’s court win that obliged Shell to cut its emissions by 45 percent—have been celebrated loudly and globally. Naturally, Big Oil tends
Nasdaq LONDON – Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia’s invasion of Ukraine reshaped global energy markets and, in some cases, the industry’s climate ambitions. The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a
Oil Price Big Oil had a record year in 2022, earning billions from the imbalance between oil and gas demand and supply, and from the massive uncertainty that geopolitical events and decisions in Europe precipitated. The record profits drove higher dividends and lofty share buyback plans. They are also drawing highly unwanted attention from governments. And this attention might
Nasdaq DAVOS, Switzerland – A different type of energy transition has taken place at this year’s World Economic Forum (WEF) meeting. Unlike 2021’s COP26 climate conference in Glasgow, where oil and gas executives were personae non gratae, fossil fuel chiefs and renewable energy bosses sat cheek by jowl in Davos. Activists like Greta Thunberg don’t like it. But some in the
