Last summer, oil and gas-industry groups were lobbying to overturn federal rules on leaks of natural gas, a major contributor to climate change. Their message: The companies had emissions under control. In private, the lobbyists were saying something very different. At a discussion convened last year by the Independent Petroleum Association of America, a group that represents energy companies, participants worried that producers were intentionally flaring, or burning off, far too much natural gas, threatening the industry’s image, according to a recording of the meeting reviewed by The New York Times.
New York 12th Sept 2020 read more »
A group representing investors that collectively manage more than US$47tn in assets has demanded the world’s biggest corporate polluters back strategies to reach net-zero emissions and promised to hold them to public account. Climate Action 100+, an initiative supported by 518 institutional investor organisations across the globe, has written to 161 fossil fuel, mining, transport and other big-emitting companies to set 30 climate measures and targets against which they will be analysed in a report to be released early next year. It is the latest step in a campaign by climate-concerned shareholders to force business leaders to explain how their targets and strategies will help reach the goals of the 2015 Paris agreement.
Guardian 14th Sept 2020 read more »
CDC Group, the UK’s development finance agency, is once more under fire for its investments in fossil fuels. Catholic charity Cafod said the agency is undermining UK’s leadership on climate change by ploughing hundreds of millions of pounds into fossil fuel projects, including gas and coal power plants, via funds operating in developing countries. Analysis conducted on Cafod’s behalf by Bond, a UK network for international development organisations, suggests CDC Group’s energy portfolio includes £632m of fossil fuel investments, compared to £610m in renewables.
iNews 14th Sept 2020 read more »
Global demand for oil may already have peaked as the coronavirus crisis is likely to have a “significant and persistent” impact on global economic activity, according to BP. Spencer Dale, the oil major’s chief economist and a former director of the Bank of England, said that assessing the impact of Covid-19 was highly uncertain because of the rise in new infections and the lack of an approved vaccine. However, he said that the decline in growth was likely to fall disproportionately on emerging economies such as India, Brazil and those in Africa, which have driven growth in energy demand over recent years. The changes in behaviour triggered by the pandemic, such as people travelling less and switching their modes of travel away from aircraft, were likely to “dissipate over time” as the virus was brought under control. Some of the effects, though, were likely to persist, such as working from home, and there would be “scarring effects”, Mr Dale said.
Times 14th Sept 2020 read more »
BP will lay out details this week of how it plans to achieve a new green strategy as it tries to convince investors that it can make a success of renewables. Three days of briefings, dubbed “BP week” by the company, begin today after it surprised the market last month by announcing the key pillars of its strategy alongside the decision to halve its dividend. Bernard Looney, its chief executive, has promised to increase green investment tenfold to $5 billion by 2030, including developing 50 gigawatts of renewables, and to allow oil and gas output to decline.
Times 14th Sept 2020 read more »