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UPDATE 2-U.S. Congress puts Big Oil in the hot seat in climate deception probe

Thu, 28th Oct 2021 15:59

(Adds comment from Republican Representative Comer)

By Valerie Volcovici and Timothy Gardner

WASHINGTON, Oct 28 (Reuters) - The U.S. Congress on Thursday
opened a year's worth of investigations into whether Big Oil
deceived Americans about its role in climate change, with
Democratic lawmakers grilling the chiefs of four oil companies
and two lobby groups.

Environmental groups and their congressional allies hope the
hearing evokes the Big Tobacco hearings of the 1990s, which
began a shift in public opinion about that industry. Energy
industry representatives plan to focus on their current support
of climate action.

"We will demand accountability from Big Oil for their role
in fueling the climate crisis and deceiving the public, and we
will urge the industry to finally take meaningful action to rein
in emissions from fossil fuels before it is too late," Carolyn
Maloney, the chairwoman of the House oversight committee holding
the hearing said in prepared remarks.

Representative Ro Khanna, who is helping to lead the
hearings, said if lawmakers can show the oil companies lied, "I
think it will be a Big Tobacco moment for Big Oil."

It will be the first time that executives of the top oil
majors - ExxonMobil, Shell Oil, BP America and Chevron - and the
heads of the American Petroleum Institute and Chamber of
Commerce will answer questions about climate change in Congress
under oath.

The hearing was delayed nearly two hours by a last-minute
visit by President Joe Biden to Capitol Hill to update lawmakers
on the framework of his spending and climate legislation.

Representative James Comer, top Republican on the committee,
did not mention climate change in remarks that said the panel
should be addressing inflation and high energy prices he linked
to policies of President Joe Biden's administration.

"The purpose of this hearing is clear: to deliver partisan
theater for primetime news," Comer said.

Republicans invited Neal Crabtree, a welder who lost his job
after Biden canceled the Keystone XL oil pipeline, to testify to
the panel.

This summer, the United Nations released a report warning
that unless immediate, rapid and large-scale action is taken to
reduce emissions, the average global temperature is likely to
reach or cross the 1.5-degree Celsius (2.7 degrees F) warming
threshold within 20 years.

Exxon Mobil CEO Darren Woods said the company "responded
accordingly" when the "scientific community's understanding of
climate change developed" and maintained that he believes oil
and gas will still be needed to meet growing global energy
demand. Woods emphasized Exxon's investments in carbon capture,
a technology to capture emissions for burial underground or to
pump them into aging oilfields to squeeze out more crude.

Woods and Mike Wirth, CEO of Chevron, also played up oil and
gas as being essential for operation of hospitals, schools and
offices.

BP America's CEO David Lawler and Shell Oil's CEO Gretchen
Watkins talked about their recognition that climate change was a
problem in the 1990s and about their current efforts to adapt
their business models to add more renewable energy and lower
emissions. The executives all were testifying virtually.

The energy executives also said that more time is needed for
a transition to cleaner energy.

Suzanne Clark, the president and CEO of the Chamber, pointed
out in written testimony that Biden's international climate
envoy, John Kerry, said this year that half of the emissions
cuts needed to get to net zero will come from technologies that
are not developed yet.
(Reporting by Valerie Volcovici and Timothy Gardner; Editing by
David Gregorio)

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*

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LONDON MARKET MIDDAY: FTSE 100 shines but "mixed feelings" after Fed

(Alliance News) - London's FTSE 100 was solidly higher on Thursday, outperforming European peers, as earnings from the likes of Shell and Standard Chartered impressed.

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30 Apr 2024 14:38

UK earnings, trading statements calendar - next 7 days

Wednesday 1 May 
Anexo Group PLCFull Year Results
Cambridge Cognition Holdings PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
First Tin PLCTrading Statement
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
Friday 3 May 
InterContinental Hotels Group PLCTrading Statement
Mondi PLCTrading Statement
Trainline PLCFull Year Results
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Arecor Therapeutics PLCFull Year Results
BP PLCQ1 Results
Ebiquity PLCFull Year Results
IWG PLCTrading Statement
Kosmos Energy LtdQ1 Results
MaxCyte IncQ1 Results
Trident Royalties PLCTrading Statement
Vaalco Energy IncQ1 Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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29 Apr 2024 14:21

Norway's wealth fund falls short on climate ambitions, NGO says

OSLO, April 29 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, a non-governmental organization said in a report said on Monday.

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24 Apr 2024 19:30

Trans Mountain oil shippers raise concerns about risk of delay to full service

April 23 (Reuters) - Some shippers on Canada's Trans Mountain expansion project are raising concerns that the long-delayed oil pipeline will not be fully in service by its projected start date of May 1, according to a letter to the Canada Energy Regulator on Tuesday.

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24 Apr 2024 13:24

Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan

LONDON, April 24 (Reuters) - Global natural gas prices will come under pressure through the end of the decade as supply and shipping infrastructure grow rapidly, particularly in Qatar and the U.S., J.P. Morgan said in a report.

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24 Apr 2024 09:58

Aker BP Q1 beats forecast as costs fall, Tyrving to start sooner

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted higher-than-expected net profit for the first quarter as costs fell, and said its Tyrving field development could start production sooner than previously planned.

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24 Apr 2024 05:38

Aker BP Q1 beats forecast on record output, lower cost

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted a higher-than-expected net profit for the first quarter as production hit a record while costs fell.

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18 Apr 2024 14:45

BP's gas and renewables boss steps down, as CEO shrinks leadership

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18 Apr 2024 14:12

UK shareholder meetings calendar - next 7 days

Friday 19 April 
Murray International Trust PLCAGM
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Monday 22 April 
Renalytix PLCGM
Travis Perkins PLCAGM
Tuesday 23 April 
AIQ LtdAGM
NatWest Group PLCAGM
Taylor Wimpey PLCAGM
Wednesday 24 April 
abrdn PLCAGM
abrdn Equity Income Trust PLCAGM
AssetCo PLCAGM
Breedon Group PLCAGM
British American Tobacco PLCAGM
Bunzl PLCAGM
Coro Energy PLCAGM
Croda International PLCAGM
Entain PLCAGM
Greencoat UK Wind PLCAGM
Primary Health Properties PLCAGM
Serco Group PLCAGM
Synectics PLCAGM
Thursday 25 April 
AFC Energy PLCAGM
Admiral Group PLCAGM
Beazley PLCAGM
BP PLCAGM
CLS Holdings PLCAGM
CRH PLCAGM
Dalata Hotel Group PLCAGM
Develop North PLCAGM
Drax Group PLCAGM
Everest Global PLCAGM
Greencoat Renewables PLCAGM
Hammerson PLCAGM
Helios Towers PLCAGM
Hikma Pharmaceuticals PLCAGM
International Biotechnology Trust PLCAGM
London Stock Exchange Group PLCAGM
Manx Financial Group PLCAGM
Mattioli Woods PLCGM re Pollen Street Capital Ltd takeover
Persimmon PLCAGM
Premier Miton Global Renewables Trust PLCAGM
Relx PLCAGM
Schroders PLCAGM
Smithson Investment Trust PLCAGM
Tissue Regenix Group PLCAGM
Weir Group PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
18 Apr 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

(Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks.

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18 Apr 2024 09:04

IN BRIEF: BP trims executive team in operational restructuring

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BP cuts size of executive team, shakes up structure

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Shell urges investors to reject shareholder group's climate demands

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