The world’s big oil and mining companies emit vast amounts of climate-changing greenhouse gases into the atmosphere. By extension, the actions of these corporate giants stand accused of contributing to floods and droughts and other climate-related disasters around the globe, extremely costly in both human and financial terms. Our suggestion, which we describe as “a hypothetical climate liability regime”, is for the companies to become at least partially liable to pay for their destructive, climate-changing activities. Investors should also be made aware of the risks involved in putting money into such enterprises. Only then will a realistic market valuation of these companies be calculated. We examined nine top-emitting publicly-owned companies – all fossil fuel giants: Chevron, ExxonMobil, BP, Royal Dutch Shell, ConocoPhillips and Total are all primarily involved in oil. Whilst Peabody Energy is one of the world’s biggest coal conglomerates, BHP Billiton is a mining behemoth and CNX Resources is a large gas company.
Climate News Network 25th Feb 2021 read more »
A Cumbrian campaign group has given notice to the communities secretary that it intends to seek a legal challenge of his controversial decision to allow a new deep coalmine in the west of the county to go ahead. Legal representatives acting on behalf of the South Lakeland Action on Climate Change (SLACC) group have written to Robert Jenrick’s office to notify him of the group’s intention to contest his “ongoing refusal” to call in the mining plans. The pre-action protocol letter states that, if the secretary of state does not respond to the group’s arguments by 4 March, the campaigners will file for judicial review proceedings.
Guardian 25th Feb 2021 read more »
H2 Green Steel to build large scale fossil-free steel plant in Northern Sweden.
Fuel Cell Works 23rd Feb 2021 read more »
GTM 24th Feb 2021 read more »
Drax drops plan to build Europe’s biggest gas plant. Drax has abandoned a plan to build a large gas-fired power plant at its main site in North Yorkshire after opposition from environmental groups
FT 25th Feb 2021 read more »
Independent 25th Feb 2021 read more »
Since it was first announced in 2017, there have been continued protests against the company’s plans for a 3.6GW plant in north Yorkshire, including a legal challenge from ClientEarth. Sam Hunter Jones, a lawyer with the company, said the decision to scrap the development was a “massive win for the UK and the climate”.
Current 25th Feb 2021 read more »
Business Green 25th Feb 2021 read more »
Plans to build a new generation of gas power plants in the UK could derail the country’s climate targets and waste up to £9bn of investment, financial think tank Carbon Tracker has warned in a new report.
Business Green 25th Feb 2021 read more »
Edinburgh University calls a halt to all investments in fossil fuel companies.
Scotsman 25th Feb 2021 read more »
The National 25th Feb 2021 read more »
A Canadian company that employs UN climate finance envoy Mark Carney as vice-chair has invested billions of dollars in fossil fuel projects, including a coal port and an oil sands pipeline. Mark Carney, the former governor of the Bank of England, is now Boris Johnson’s finance adviser for the COP26 climate summit in addition to his high-profile role for the UN. He joined Brookfield Asset Management last August with special responsibility for environmental, social and governance issues. Earlier this month, Carney told Bloomberg TV that Brookfield is “net zero across its $575 billion asset portfolio”. He said that although Brookfield owns companies “across the spectrum”, it has achieved net-zero status because “we have this enormous renewables business that we’ve built up and all of the avoided emissions that come with that.” But an Unearthed analysis has identified five major fossil fuel infrastructure projects in which Brookfield is a leading shareholder, including significant projects in the highly polluting coal and oil sands sectors. Bill Hare, director at Climate Analytics, an NGO, warned that offsetting fossil fuel projects against “avoided emissions”, as Carney appeared to do, was “not a reasonable definition of net zero”.
Unearthed 26th Feb 2021 read more »