Mohamed El Havedh Ebnou’s Post

Doesn’t seem like a good business practice. “The study from Global Witness found that the combined emissions from fossil fuels produced by Shell, BP, TotalEnergies, ExxonMobil and Chevron up to 2050 could result in 11.5 million excess deaths from heat by 2100.” #CorporateResponsibility #PublicHealth #Sustainability #ESGInvesting #ImpactInvesting #SociallyResponsibleInvesting #SRI #ESG #EnvironmentalPollution #AirPollution #WaterPollution #DieselParticulates

"revealed last week that BP plans to abandon its curbs on fossil fuel production in favour of targeting several new investments in the Middle East and the Gulf of Mexico." "In early 2020, Bernard Looney had one clear goal as the incoming chief executive of BP: to convince the world to see the oil company differently. [...] the BP boss set out 10 new aims for the company, the most significant being BP’s transformation to a net zero energy company by 2050. Within months, he reinforced the rebranding with a pledge to cut the company’s oil and gas production by 40% from 2019 levels by the end of the decade. At the time, his strategy even won the approval of Greenpeace – a feat few oil executives can boast. But by early 2023, BP had watered down the 40% cut to a 25% reduction AFTER THE WAR IN UKRAINE CAUSED OIL PRICES TO SURGE, DOUBLING THE COMPANY'S PROFITS. Within months, its greenest ever chief executive was ousted from the company [...]. His green plans have followed suit." link in comments #bp #war #esg #fossilfuels #greed #crimeagainsthumanity

Today was revealed that bp fully cancels its 2030 oil output reduction target - but says it will still be carbon neutral in 2050 🤡 . What happened? ▶️ In 2020, BP announced to reduce its oil output by 40% by 2030. ▶️ Last year, the target was reduced to 25%. ▶️ Now, the target is fully cancelled to "regain investor confidence". This is shameful, but also bizarre and detached from the reality - of #climate science and the fact that #oil is about to peak this decade. https://lnkd.in/e4Dg3FxE

“Decarbonisation is probably the best spending choice, given that oil demand is rising. Also, building wind and solar farms is arguably a poorer fit for the majors’ core skillset.” This article shows (US) oil majors can (and do) make a beneficial contribution to carbon emission mitigation, and encourages us to think about this subject in a pragmatic and practical manner.

BP abandons goal to cut oil output, resets strategy https://lnkd.in/dsqrPC6s

At UN climate talks, an ExxonMobil exec said the #BigOil giant had a two-point goal: to continue supplying #fossilfuels at scale and to “decarbonize.” As American taxpayers pick up the check, the Inflation Reduction Act subsidization of #carboncapture allows Exxon to do both — much to the concern of leading scientists. Exxon has spent millions lobbying for U.S. subsidies for #CCS tech. The catch? CCS hasn’t delivered results and could end up helping these companies drill even more oil. In fact, 218 new oil and gas licenses have been awarded for Exxon-connected projects that could lead to 429 metric tons of CO2, according to International Institute for Sustainable Development. It’s alarming — to say the least. Please read the full report from The Guardian.

Industry News! Singapore Signs First Implementation Agreement With Papua New Guinea To Collaborate On Carbon Credits under Article 6 Of The Paris Agreement This collaboration will advance both countries' climate ambition and help to channel financing towards additional mitigation efforts through carbon credit projects which would otherwise not be possible. The carbon credit projects authorised under the Implementation Agreement will also promote sustainable development and generate benefits for local communities, such as creation of jobs, access to clean water, improved energy security, and reduction of environmental pollution. Read the full article in our Oct-Dec 2023 Petromin Fuels & Power magazine which can be found on our website, https://lnkd.in/gPA-Rmn7. #petromin #nuclearpower #fuelsandpower

Remarkable graph from Follow This, showing the huge divergence between the IEA’s latest projection of gas demand - at various temperature scenarios - and those of oil & gas majors. Even in a catastrophic 2.4 degree scenario, the IEA shows gas demand peaking at 2030 - unlike the majors. It is wrong to see fossil fuel companies as simply fulfilling demand - they also help perpetuate demand through their actions and strategies. So it’s a surprise, a disappointment, and a problem, that Aviva and Legal & General (amongst others) voted with Shell and BP’s management 44/45 times this year - when both these investors have set ambitious net zero targets. Tony Burdon Make My Money Matter Follow This | Shareholders change the world Karel Kuipéri Mark Campanale Alex Wilks Beau O'Sullivan Lucie Pinson Kelly Shields Isabella Salkeld Vicky Sins

The IEA’s annual report just dropped. As oil & gas demand declines due to the falling cost of renewable alternatives, the massive profits oil majors’ investors are used to will start to normalize. They’re not ready to admit that yet.

Major Producers Increase Fossil Fuel Output Post-Paris Agreement 📍 57 oil, gas, coal, and cement producers linked to 80% of global greenhouse gas emissions since the 2016 Paris climate deal. 📍 The majority of mega-producers increased fossil fuel output and emissions post-agreement 📍 ExxonMobil, Shell, BP, Chevron, and TotalEnergies are among the top contributors to global emissions 📍 Chinese state coal production accounts for the largest share of historic global CO emissions 📍 InfluenceMap analysis shows most entities increasing production after the Paris Agreement, highlighting the need for accountability.