Fossil fuel companies and coal-powered utilities in the US are set for a potential bonanza under federal government plans for a bond bailout, part of the rescue package for the coronavirus crisis. At least 90 fossil fuel companies, many of them established giants such as ExxonMobil, Chevron and Koch Industries, stand to gain from the Federal Reserve’s coronavirus bond buyback programme, alongside more than 150 utilities including coal-heavy firms such as American Electric Power and Duke Energy, according to a new analysis. The bond buyback scheme is expected to be worth at least $750bn (£605bn) altogether and to benefit thousands of companies by the end of September, and the size of the payout that could go to fossil fuels and utilities is as yet unknown. The scheme is to be discussed in the US Senate on Tuesday.
Guardian 12th May 2020 read more »
The independent analysis of six large European corporations acknowledges they have taken big steps on CO2 recently. In April, Shell became the latest to announce ambitious plans to be at net zero for operational emissions by 2050. But the authors say none of the companies are yet aligned with the 1.5C temperature goal. Scientists argue that the global temperature must not rise by more than 1.5C by the end of the century if the world is to avoid the worst impacts of climate change.
BBC 12th May 2020 read more »
A company co-owned by Sir Jim Ratcliffe which runs the Grangemouth oil refinery is seeking an emergency government loan reported to be for as much as £500 million. Petroineos, which runs Scotland’s only oil refinery, is half owned by Ineos, the petrochemicals giant controlled by the billionaire tycoon. Refineries are struggling financially after a collapse in fuel demand as lockdowns to tackle the coronavirus pandemic cut road travel.
Times 13th May 2020 read more »