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Newsletter
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Shell CEO supports Biden's climate initiatives
The head of Shell praised President Biden’s climate policies for promoting job creation and local supply chains.
In short:
- Shell CEO Wael Sawan endorsed Biden’s bipartisan infrastructure law and Inflation Reduction Act, highlighting their success in attracting capital across the U.S.
- Sawan stressed the importance of stability and predictability in climate technology incentives and LNG permitting for future energy investments.
- He also noted the role of LNG in transitioning to lower-carbon solutions and criticized absolutist views against fossil fuels.
Key quote:
"You’re creating jobs. You’re actually starting to anchor new industries. And over time, what you will do is you will create supply chains locally that are able to satisfy the demands of many of these industries."
— Wael Sawan, CEO of Shell
Why this matters:
Bipartisan support for climate policies from major industry leaders like Shell can enhance the stability and continuity of these initiatives. By focusing on domestic production and resources, President Biden’s policies not only support job growth but also enhance the resilience of the U.S. economy against global disruptions. This shift can help reduce carbon footprints associated with long-distance transportation and promote sustainability.
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Oil skepticism at Texas conference challenges green energy shift
At a recent energy conference in Texas, Saudi Aramco's CEO Amin Nasser expressed skepticism about the swift transition to renewable energy, sparking a debate on the future of fossil fuels.
In short:
- Amin Nasser, CEO of Saudi Aramco, argues against the feasibility of quickly phasing out oil and gas, suggesting the energy transition is failing.
- The International Energy Agency and other experts predict a peak in oil and gas demand by 2030, contrasting with the industry's investment in fossil fuel development.
- The debate highlights differing views on energy's future, with significant implications for climate change and global energy policies.
Key quote:
"We should abandon the fantasy of phasing out oil and gas."
— Amin Nasser, CEO of Saudi Aramco
Why this matters:
Advocates for phasing out fossil fuels emphasize the need to address climate change and the long-term environmental and health costs associated with fossil fuel use. They advocate for increased investment in renewable energy research and development, policies to support the transition, and the adoption of energy efficiency measures to reduce overall demand.
How utilities’ fossil fuel investments are driving up rates for the most vulnerable.
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Exxon CEO shifts emission accountability to consumers
Exxon Mobil's CEO Darren Woods argues that the onus of carbon pollution rests with consumers, not the oil producers.
In short:
- Exxon Mobil, under investor pressure, disclosed its Scope 3 emissions, revealing a significant carbon footprint.
- The company faces lawsuits and public criticism for its historical role in climate misinformation and resistance to fossil fuel transition.
- While Exxon has been accused of dodging responsibility, it has yet to set targets for reducing its vast Scope 3 emissions.
Key quote:
"The people who are generating the emissions need to be aware of and pay the price for generating those emissions."
— Darren Woods, CEO of Exxon Mobil
Why this matters:
Exxon Mobil has communicated a perspective that places the onus of carbon emissions squarely on the shoulders of consumers rather than the producers. This argument is grounded in the principle of supply and demand: Exxon Mobil and similar companies argue that they are merely suppliers, responding to the global demand for energy. According to this viewpoint, the responsibility for carbon emissions begins at the point of consumption, not production.
Peter Dykstra argues that corporations continue to tout their greenness, while journalists get beaten senseless by lame ideas.
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UN
Mafalda Duarte named as next chief of UN climate fund
The UN’s flagship climate fund has appointed one of the few women leaders in the multilateral climate finance space as its next executive director.
Newsletter
Costs could rise even more in 2023—and thousands of CEOs blame climate change
PwC’s annual CEO survey found the majority of CEOs expect their costs to rise significantly due to climate change in 2023. Here’s what you can do about it.
Newsletter
New Cop28 president is CEO of oil company
The President of Cop28 is the CEO of one of the world’s largest oil companies and has been branded a ‘climate criminal’ by Green MP Caroline Lucas.
Global response to climate will 'change the world over the next 75 years,' Columbia business school dean says
Institutions from governments and banks to consumer-facing companies have started to pivot toward decarbonizing global economies. However, business schools have been criticized for being slow to respond.
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