Tag Archives: exxon

Why Facebook, Netflix, and Tesla are getting climate-shamed by investors

In late March, the British banking giant Barclays announced its ambition to become a net-zero bank by 2050. While the fine print of how one of the biggest lenders to fossil fuel companies will make this transition is yet to be determined, one of the other key underlying challenges is that it’s impossible for the bank to accomplish this on its own. It will need every company it lends to to disclose data on their carbon accounting.

A surprising number of companies — more than 8,400 — already report this kind of data to CDP (formerly the Carbon Disclosure Project), an international nonprofit that runs a public environmental disclosure database. CDP asks companies to disclose data about their environmental footprint on behalf of investors who are concerned about climate change and the financial risks associated with it. But some companies refuse to participate, even after repeated requests from investors themselves.

In a sign of just how serious investors are getting about this, in recent years CDP’s investor partners have agreed to release a sort of shit list outing the companies that turned their disclosure requests down. This year’s list includes 1,051 companies, including fossil fuel giants like ExxonMobil and Chevron, media companies like Netflix and Facebook, and ostensibly climate-friendly businesses like Tesla. The companies on the list are estimated to collectively emit more than 4,800 megatons of carbon dioxide equivalent annually, which is equal to the amount emitted by the U.S. in 2017.

Not every company that refused to disclose is on CDP’s list — only the ones that investors wanted to put in the spotlight. The hope is that this public shaming will spur companies to disclose in the future. The 707 companies targeted by last year’s campaign were more than twice as likely to increase their disclosure this year.

To be fair, disclosure is not an easy ask. “No one person can sit down and, like, do their homework last minute,” Emily Kreps, global director of capital markets at CDP, told Grist. CDP collects data across three categories — climate change, deforestation, and water security. The reporting process requires going into every part of a company’s value chain, from the sourcing of raw materials all the way to the end use of its products. Kreps said the disclosure reports from CDP’s top-rated companies usually come out to between 60 and 70 pages long. Sometimes it takes a few years for a company to get the information together.

Some companies on CDP’s nondisclosure list used to participate and stopped. Exxon, for example, disclosed with CDP until 2018. At that point CDP changed its questionnaire for oil and gas companies to include more specific questions around fuel reserve levels and inventory, and Exxon decided it would release its own disclosure reports instead. “The report that Exxon put out on their own is not helpful, necessarily, in addressing all of the environmental points that investors are looking for,” said Kreps.

The CDP’s reporting process was designed to align with the recommendations of a group called the Task Force on Climate-Related Financial Disclosures (TCFD), which was started in 2015 by Mark Carney, the former governor of the Bank of England, and former New York City Mayor Michael Bloomberg. The TCFD provides a widely applicable framework to help financial-sector organizations understand how the companies in their portfolios assess climate-related risks and opportunities. It suggests four areas for disclosure — governance, strategy, risk management, and metrics and targets — but it doesn’t dictate exactly what to disclose or how. What CDP has done is take TCFD’s recommendations and translate them into a 26-question reporting sheet. “We’re trying to standardize the indicators and data points that people look for year after year to track progress,” said Kreps.

Kreps emphasized that what’s critical about CDP’s disclosure process is that it helps companies look at both risks and opportunity. There is money to be made in the transition to a low carbon economy, she said, and those opportunities are illuminated by the reporting process. If some of the 1,051 companies that avoided disclosure this year decide to get on board, they could benefit in the long run.

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Why Facebook, Netflix, and Tesla are getting climate-shamed by investors

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Carbon dioxide levels just hit 415 ppm. Who saw this coming? Exxon Mobil.

Want to see something terrifying? Watch atmospheric carbon emissions climb to the new all-time high of 415 parts per million.

This emissions update comes from daily data collected via analyzer at Mauna Loa Observatory, Hawaii, since 1956. After breaking the 400 ppm threshold in 2013, data from 2019 puts emissions at 415 ppm. The “upward trajectory continues,” the video ends on an ominous note.

Who could have seen this coming? As Brian Kahn at Earther pointed out, leaked internal documents from Exxon Mobil reveal that the oil and gas giant has seen this emissions landmark coming since 1982. A graph shows their 2019 estimated carbon dioxide level was between about 385 ppm and 415 ppm, an impressively accurate guess for the time.

Exxon predicted 2019 would hit near 415 ppm.

Instead of using this knowledge to prevent it from becoming a reality, Exxon launched a series of climate denial efforts. It published anti-climate change ads in The New York Times, lobbied against government efforts to regulate emissions, and helped start the Global Climate Coalition to cast doubt on climate change.

After decades pushing climate denial, oil and gas companies are starting to face the consequences. Countless lawsuits are cropping up from states, cities, tribes, and fishermen that call for oil companies to finally own up to the self-serving role they’ve played in exacerbating the climate crisis.

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Carbon dioxide levels just hit 415 ppm. Who saw this coming? Exxon Mobil.

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New York just filed a big ol’ lawsuit against ExxonMobil

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Donald Trump has said time and time again that he only hires “the best people.” He sure ends up firing them a lot, too. That may have been a wise decision with his former secretary of state, Rex Tillerson, who was implicated in a major lawsuit filed on Wednesday. The issue at hand? Climate change.

In a blistering series of tweets, New York Interim Attorney General Barbara Underwood laid out the basic tenets of her office’s lawsuit against ExxonMobil. The suit alleges that Exxon — formerly run by Tillerson — tricked investors with a “longstanding fraudulent scheme” that downplayed the financial risks climate change regulation posed to the company.

Unlike other climate change lawsuits, like those launched by California or Colorado in recent months, this one doesn’t seek to hold Exxon responsible for its role in creating climate change. In a nutshell, this case is about fraud: lying to someone to get their money.

Underwood’s lawsuit argues that Exxon overstated how prepared the company was for the tough regulations that are necessary to combat climate change. She hopes to prove that Exxon told investors one thing while doing another. Climate change regulations can take a toll on fossil fuel businesses. Exxon said it was (and still currently is) taking steps to make sure that toll doesn’t hurt its interests, but the receipts say otherwise.

Will Exxon wiggle out of this suit like it wiggled out of lawsuits by the cities of Oakland, San Francisco, and even a previous lawsuit launched by New York City? It’s already argued that these lawsuits a) limit its right to free speech and b) are a big conspiracy. And the company has even counter-sued the people taking it to court!

But, again, this new lawsuit takes a different tack. In the event that it succeeds, it would require the oil company to cough up all the money it made from investors through climate fraud, and then pay back its investors. That’s a lot of dough, but we don’t yet know exactly how much — Underwood’s lawsuit doesn’t include a final sum.

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New York just filed a big ol’ lawsuit against ExxonMobil

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John Oliver just tore into Scott Pruitt’s latest scandals.

Now, those lawsuits are here, and that prediction could bite the multinational oil company in the ass.

A treasure trove of documents released Thursday provide new evidence that Shell, like Exxon, has been gaslighting the public for decades. The documents, dating as far back as 1988, foretold “violent and damaging storms,” and said that “it would be tempting for society to wait until then before doing anything.”

At that point, the documents predicted, “a coalition of environmental NGOs brings a class-action suit against the U.S. government and fossil-fuel companies on the grounds of neglecting what scientists (including their own) have been saying for years: that something must be done.” Sound familiar?

When the scientific community began warning that the world could go down in fossil-fueled flames, Shell tried to convince them to take a chill pill, derailing global efforts to curb climate change.

And it gets shadier: This whole time, Shell has known exactly how culpable it is for a warming planet. By the mid ’80s, it had calculated that it was responsible for 4 percent of global carbon emissions.

That means San Francisco, Oakland, and New York now have more ammo for their lawsuits against Shell. The biggest hurdle to their cases wasn’t proving that climate change is a thing — even Big Oil’s lawyers can’t argue that anymore — but that fossil fuel companies can be held legally liable for the damages caused by climate change.

Shell just made that a lot easier.

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John Oliver just tore into Scott Pruitt’s latest scandals.

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Company halts controversial Canadian pipeline expansion after fierce opposition.

Now, those lawsuits are here, and that prediction could bite the multinational oil company in the ass.

A treasure trove of documents released Thursday provide new evidence that Shell, like Exxon, has been gaslighting the public for decades. The documents, dating as far back as 1988, foretold “violent and damaging storms,” and said that “it would be tempting for society to wait until then before doing anything.”

At that point, the documents predicted, “a coalition of environmental NGOs brings a class-action suit against the U.S. government and fossil-fuel companies on the grounds of neglecting what scientists (including their own) have been saying for years: that something must be done.” Sound familiar?

When the scientific community began warning that the world could go down in fossil-fueled flames, Shell tried to convince them to take a chill pill, derailing global efforts to curb climate change.

And it gets shadier: This whole time, Shell has known exactly how culpable it is for a warming planet. By the mid ’80s, it had calculated that it was responsible for 4 percent of global carbon emissions.

That means San Francisco, Oakland, and New York now have more ammo for their lawsuits against Shell. The biggest hurdle to their cases wasn’t proving that climate change is a thing — even Big Oil’s lawyers can’t argue that anymore — but that fossil fuel companies can be held legally liable for the damages caused by climate change.

Shell just made that a lot easier.

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Company halts controversial Canadian pipeline expansion after fierce opposition.

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A growing number of Republicans say Scott Pruitt is the wrong guy for the job.

Now, those lawsuits are here, and that prediction could bite the multinational oil company in the ass.

A treasure trove of documents released Thursday provide new evidence that Shell, like Exxon, has been gaslighting the public for decades. The documents, dating as far back as 1988, foretold “violent and damaging storms,” and said that “it would be tempting for society to wait until then before doing anything.”

At that point, the documents predicted, “a coalition of environmental NGOs brings a class-action suit against the U.S. government and fossil-fuel companies on the grounds of neglecting what scientists (including their own) have been saying for years: that something must be done.” Sound familiar?

When the scientific community began warning that the world could go down in fossil-fueled flames, Shell tried to convince them to take a chill pill, derailing global efforts to curb climate change.

And it gets shadier: This whole time, Shell has known exactly how culpable it is for a warming planet. By the mid ’80s, it had calculated that it was responsible for 4 percent of global carbon emissions.

That means San Francisco, Oakland, and New York now have more ammo for their lawsuits against Shell. The biggest hurdle to their cases wasn’t proving that climate change is a thing — even Big Oil’s lawyers can’t argue that anymore — but that fossil fuel companies can be held legally liable for the damages caused by climate change.

Shell just made that a lot easier.

Originally posted here: 

A growing number of Republicans say Scott Pruitt is the wrong guy for the job.

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Another reason climate change is a public health nightmare: Allergies.

Now, those lawsuits are here, and that prediction could bite the multinational oil company in the ass.

A treasure trove of documents released Thursday provide new evidence that Shell, like Exxon, has been gaslighting the public for decades. The documents, dating as far back as 1988, foretold “violent and damaging storms,” and said that “it would be tempting for society to wait until then before doing anything.”

At that point, the documents predicted, “a coalition of environmental NGOs brings a class-action suit against the U.S. government and fossil-fuel companies on the grounds of neglecting what scientists (including their own) have been saying for years: that something must be done.” Sound familiar?

When the scientific community began warning that the world could go down in fossil-fueled flames, Shell tried to convince them to take a chill pill, derailing global efforts to curb climate change.

And it gets shadier: This whole time, Shell has known exactly how culpable it is for a warming planet. By the mid ’80s, it had calculated that it was responsible for 4 percent of global carbon emissions.

That means San Francisco, Oakland, and New York now have more ammo for their lawsuits against Shell. The biggest hurdle to their cases wasn’t proving that climate change is a thing — even Big Oil’s lawyers can’t argue that anymore — but that fossil fuel companies can be held legally liable for the damages caused by climate change.

Shell just made that a lot easier.

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Another reason climate change is a public health nightmare: Allergies.

Posted in alo, Anchor, Brita, FF, G & F, GE, LG, Nissan, ONA, PUR, The Atlantic, Uncategorized | Tagged , , , , , , , | Comments Off on Another reason climate change is a public health nightmare: Allergies.

Exxon Is Trying to Create… Biofuel?

Move over Al Gore. Exxon is trying to get in on the green action.

Exxon believes?they can create a good biofuel from algae. Yeah, oil-drooling, environmentally-polluting Exxon. They’ve partnered with Synthetic Genomics to crack the code on producing a viable biofuel that is cheap to produce, effective as a fuel and can easily be produced in massive quantities.

According to Oliver Fetzer, CEO out Synthetic Genomics, ?The goal here is to get to a sustainable, renewable biofuel that can be cost-competitive with pumping oil out of the ground, but can scale to levels that go far beyond demonstration levels.?

The reason major companies have put such little?effort into biofuels are the issues of cost and scalability. Until now, it was simply not possible to create enough biofuel to meet energy demands at a production cost comparable to oil. And if you’re an oil company, why divert money into less profitable ventures? It’s not like you are driven by a strong environmental conscience. It must be?because you?know that someday there will be no more oil left to drill. And if/when that sad day comes, Exxon will be ready.

That’s where advances in algae farming comes in. With some genetic tweaking, scientists working with Exxon have been able to create an algae that produces twice as much fat as it normally would, but still grows at the same efficient speed. The fat, as you can imagine, is the fodder for creating fuel. Suddenly?algae-based biofuels just became a whole lot more plausible.

Exxon believes that in 7 years, with some reasonable technological advances, they will be able to produce 10,000 barrels of algae biofuel a day. Of course, the US alone produces 10 million barrels a day, but it?s still a big step for the future of biofuels. The only downside is that we really need more sustainable options now, if not 10 years ago. Exxon certainly seems to have dragged their feet into the clean energy game.

This news brings up an important question: will oil companies be the ones responsible for paving a greener future? Of course, it’s all in the interest in maintaining their gold-lined pockets, but does that matter? Progress is progress, right?

The very fact that Exxon is interested in more sustainable fuel options bears promise that a more sustainable future is coming. But are biofuels the answer? Or do you think other renewables, like solar and wind, are more promising for mass energy production?

What are your thoughts? Share with the community below! ? ? ? ?

Related on Care2:

The Secret to Enjoying a Greener Cup of Coffee
7 Ways to Finally Start Loving Yourself
Eating More Plants Will Improve Your Mind

Disclaimer: The views expressed above are solely those of the author and may not reflect those of Care2, Inc., its employees or advertisers.

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Exxon Is Trying to Create… Biofuel?

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Elon Musk just quit presidential councils over Paris climate treaty rejection.

Some highlights:

“I was elected to represent the citizens of Pittsburgh, not Paris.”

Pittsburgh’s votes went mostly to Hillary Clinton. She won 55.9 percent of votes in Allegheny County. Note that the Paris Agreement encompasses people from nearly 200 countries, not just the city where it was drafted.

“The bottom line is the Paris accord is very unfair at the highest level to the United States.”

Other countries think U.S. involvement is extremely fair. The United States blows every other country away in terms of per capita emissions.

“This agreement is less about the climate and more about other countries gaining an economic advantage over the United States.”

Actually, the economic advantages of combating climate change are well documented. Companies like Exxon, Google, and even Tiffany & Co. asked Trump to stay in the agreement.

And, just for fun, a comment from Scott Pruitt:

“America finally has a leader who answers only to the people.”

Nearly 70 percent of Americans were on board with the Paris Agreement. Only 45 percent voted for Trump.

This story has been updated.

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Elon Musk just quit presidential councils over Paris climate treaty rejection.

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Exxon’s Shareholders Just Forced the Oil Giant’s Hand on Climate Change

Mother Jones

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In a landmark victory in the fight against climate change by corporations, Exxon Mobil shareholders on Wednesday voted to approve a plan that could force the oil company to release more information concerning its efforts to combat global warming.

The 62.3-to-37.7 landmark vote, which took place at Exxon’s annual meeting in Dallas, comes amid mounting investor pressure for management to be more accountable when working to prevent worldwide temperatures from rising 2 degrees Celsius—a goal stipulated in the Paris climate accord. The energy giant has been notoriously resistant to such calls, with some board members claiming the company already produces enough reporting on the issue.

Last year, when the same measure was called to a vote, only 38.1 percent of shareholders supported it. In the interim, several new lawsuits against Exxon, including ones from the attorney generals in New York and Massachusetts, have been launched, accusing the world’s largest oil company of knowingly misleading the public about the effects of global warming for decades. In a twist, Exxon and its former head, Secretary of State Rex Tillerson, are among those urging the Trump administration to remain in the accord.

The unprecedented resolution on Wednesday was announced just hours after multiple news outlets reported President Donald Trump intends to withdraw from the historic Paris climate agreement, although the president himself remained coy on Twitter about his final decision.

New York State Comptroller Thomas DiNapoli recently told CNN that Exxon’s defense of the Paris accord amounted to “empty words unless the company backs them up with action.” On Wednesday, DiNapoli applauded the shareholder vote as an “unprecedented victory,” noting the onus was now on Exxon to meet the demands of its investors and take climate change “seriously.”

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Exxon’s Shareholders Just Forced the Oil Giant’s Hand on Climate Change

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