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Canada’s National Observer: Investment in carbon capture technology will hinder Canada’s transition away from fossil fuels and exacerbate the effects of climate change, says a new letter co-signed by hundreds of organizations. Over 500 environmental groups and other organizations from Canada and the U.S. put the piece together, which ran as a full-page ad in […]
IEEFA
Bloomberg ($): BlackRock Inc. rejected almost five times more board directors at companies, including Berkshire Hathaway Inc. and Exxon Mobil Corp., during the recent proxy season because they failed to act on climate issues. The New York-based asset manager voted against 255 directors in the period ended June 30, up from 55 a year earlier, […]
Saurabh Trivedi, Tim Buckley and Press Release
Top debt and equity investors committed over $300 billion in 2020 into building renewable energy capacity
19 July 2021 (IEEFA Australia): Despite the economic disruption from COVID-19, top global debt and equity investors are continuing to drive capital into the renewable energy infrastructure sector due to its consistency in providing investment opportunities, finds a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). “Global investors are accelerating their […]
Tom Sanzillo and Clark Williams-Derry
Rising oil prices fail to mask long-term fundamental weaknesses for oil business
Former ExxonMobil CEO Lee Raymond advanced the idea in the 1980s that the quality of management trumped all else in evaluating the oil industry’s prospects. He believed oil company executives were in the best position to project supply and demand, ride worldwide growth cycles, and provide robust returns to investors, no matter how oil markets […]
IEEFA
Bloomberg ($): While more than 80% of the largest U.S. companies have set emissions reduction goals, less than half engaged with lawmakers to advocate for science-based climate policies — and more than 20% have lobbied against them, according to report released Tuesday by sustainability nonprofit Ceres. “Claiming credit for making operational climate change commitments while […]
IEEFA
Bloomberg ($): We’re halfway through 2021, and it’s already proving to be a bumper year for sustainability. Almost every major activity in sustainability is above last year’s trend lines: Corporations are making more pledges to procure clean energy. Financial markets are issuing more sustainable debt. And investors are putting more money into environmental, social, and […]
IEEFA
The Barents Observer: Russian state company Rosneft is about to start the development of one of Russia’s biggest ever oil projects, and company leader Igor Sechin is eagerly seeking justification of his multi-billion dollar investments in the remote tundra of Taymyr. The Vostok Oil is to produce as much as 30 million tons of oil […]
Clark Williams-Derry
Data suggests Exxon’s Permian well productivity falls short of promises
Late last month, ExxonMobil’s investors issued a stunning rebuke to the company’s management. At the annual meeting, shareholders elected three new board members over management’s objections. Much has been said about what upheaval means for cutting carbon emissions, but shareholders not only passed resolutions calling for greater climate responsiveness, they also demanded transparency. The shareholder […]
IEEFA
Reuters: Legal & General Investment Management, Britain’s biggest asset manager, said on Tuesday it would drop four companies from a number of its funds over their “insufficient” response to the challenge of climate change, including U.S. insurer AIG. The others to be divested are Chinese lender Industrial and Commercial Bank of China, U.S. utility holding […]
IEEFA
Houston Chronicle: The Biden administration, facing a Congress unlikely to take significant action on climate change, is considering reaching beyond environmental law to establish tough, new financial regulations that raise the capital costs of the nation’s fossil fuel industries. To accomplish the president’s agenda of dramatically lowering greenhouse gas emissions, the Securities and Exchange Commission, […]
IEEFA: Oil supermajors made $20.5 billion in 2020 but spent $49.9 billion to please investors
Five largest private-sector oil supermajors have dropped more than a half-trillion on shareholders over last decadeMarch 4, 2021 (IEEFA) —The world’s five largest private-sector oil and gas companies collectively spent $29.4 billion more on shareholder payouts than they generated from operations, according to a new report by the Institute of Energy Economics and Financial Analysis (IEEFA). The five supermajors—ExxonMobil, Chevron BP, Total and Shell—generated $20.5 billion in free cash flow, […]