focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 5-U.S. House Democrats grill Big Oil in climate deception probe

Thu, 28th Oct 2021 15:59

(Adds quote from Representative Alexandria Ocasio-Cortez)

By Valerie Volcovici and Timothy Gardner

WASHINGTON, Oct 28 (Reuters) - Executives from some of the
world's biggest oil companies denied in U.S. congressional
testimony on Thursday that they continue to misinform the public
about the role of fossil fuels in climate change and resisted
calls to ask lobbying groups they fund to stop obstructing
climate-friendly policies.

It was the first time executives of the top oil majors -
ExxonMobil, Shell Oil, BP America and
Chevron - and the heads of the American Petroleum
Institute (API) and Chamber of Commerce answered questions about
climate change in Congress under oath.

Democratic Representative Ro Khanna said at the House of
Representatives Committee on Oversight and Reform hearing that
oil companies have started to improve their talking points
around climate change. But Khanna said their support of lobbying
groups that either deny climate science or work to kill major
climate policies contradicts their statements.

"I don't believe that you purposely want to be out there
spreading climate misinformation but you're out there funding
these groups," Khanna said.

Appearing before the panel were CEOs Darren Woods of
ExxonMobil, Gretchen Watkins of Shell Oil, David Lawler of BP
America and Mike Wirth of Chevron. They all testified virtually.

Khanna asked them if any would commit to an independent
audit to verify that none of their funds were going to groups
that deny climate science, or whether they would commit to
pulling their memberships from API even if the oil lobby group
continues to lobby against policies such as electric vehicle
credits and methane fees. None of the executives said yes.

Committee Democrats said the hearing opens a year of
investigations into whether Big Oil has deceived Americans about
its role in climate change.

The hearing came as President Joe Biden heads to Scotland
for U.N. climate talks and as Congress haggles over climate
provisions in major social spending and infrastructure
legislation.

Environmental groups and their congressional allies hope the
probe evokes the Big Tobacco hearings of the 1990s when tobacco
industry executives were grilled about their knowledge of the
addictive properties of their products, which began a shift in
public opinion about that industry.

Democrats also said youth people will have to deal with the
effects of climate change, driven by emissions from fossil
fuels.

"One thing that often gets lost in these conversations is
some of us have to actually live in the future that you all are
setting on fire for us," Representative Alexandria
Ocasio-Cortez, 32, told the executives, all older than 50.

The United Nations this summer released a report saying 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.

Oil executives and trade group officials at the hearing used
the platform to try to distance themselves from previous efforts
to dismiss climate science, saying their policies evolved as the
science became more clear.

Exxon's Woods said his 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 and Chevron's Wirth played up oil and gas as essential
for operation of hospitals, schools and offices.

BP America's Lawler and Shell's 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.

'PARTISAN THEATER'

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

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

The lone Republican witness, Neal Crabtree, a welder who
lost his job after Biden canceled the Keystone XL oil pipeline,
said his main crisis was not climate change but paying for his
mortgage and food for his family.

The Democratic-led committee criticized the companies' scant
support for the Paris climate agreement. It released an analysis
that found from 2015, when the pact was agreed, to 2021, Exxon
reported in its lobbying disclosures only one instance of
lobbying on the Paris Agreement, and none on any of the 28 bills
related to the pact.

"That means that only 0.06% of Exxon's 1,543 total instances
of legislative lobbying since 2015 has been devoted to the Paris
Agreement or related legislation," the analysis said.

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.

The energy executives also said that more time is needed for
a transition to cleaner energy.
(Reporting by Valerie Volcovici and Timothy Gardner; Editing by
David Gregorio and Mark Porter)

More News
3 Dec 2021 09:44

LONDON BROKER RATINGS: Jefferies ups SSE, AJ Bell; Deutsche likes BP

LONDON BROKER RATINGS: Jefferies ups SSE, AJ Bell; Deutsche likes BP

Read more
3 Dec 2021 08:43

LONDON MARKET OPEN: Stocks rebound on oil and travel; US jobs ahead

LONDON MARKET OPEN: Stocks rebound on oil and travel; US jobs ahead

Read more
2 Dec 2021 18:54

UPDATE 2-Shell scraps plans to develop Cambo North Sea oilfield

(Adds detail)By Ron Bousso and Shadia NasrallaLONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists seeking to ...

Read more
2 Dec 2021 18:54

UPDATE 1-Shell scraps plans to develop Cambo North Sea oilfield

(Adds Siccar Point statement, background)LONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo North Sea oilfield, which became a lightning rod for climate activists seeking to halt Britain's devel...

Read more
2 Dec 2021 18:54

UPDATE 3-Shell scraps plans to develop Cambo North Sea oilfield

(Adds investor comment)By Ron Bousso and Shadia NasrallaLONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists s...

Read more
2 Dec 2021 18:02

Shell and partner scrap plans to develop North Sea oilfield

LONDON, Dec 2 (Reuters) - Royal Dutch Shell and Siccar Point have decided not to go ahead with the development of the Cambo oilfield in the British North Sea due to a weak economic case, Shell said on Thursday."After comprehensive screening of the...

Read more
2 Dec 2021 17:05

LONDON MARKET CLOSE: Stocks fall as Omicron variant fears mount

LONDON MARKET CLOSE: Stocks fall as Omicron variant fears mount

Read more
2 Dec 2021 12:03

LONDON MARKET MIDDAY: Europe hit by Omicron but Wall Street to rebound

LONDON MARKET MIDDAY: Europe hit by Omicron but Wall Street to rebound

Read more
2 Dec 2021 10:08

UPDATE 2-European stocks fall as Omicron worries rattle investors

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* STOXX 600 gives back a chunk of Wednesdays gains* Apple suppliers hit by report on slowing demand* Vifor Pharma surges on takeover speculat...

Read more
2 Dec 2021 08:31

SSE and Equinor to proceed with $4 bln Dogger Bank C offshore wind farm

OSLO, Dec 2 (Reuters) - British utility SSE and Norwegian energy company Equinor have secured financing to proceed with the construction of the 3 billion pound ($3.98 billion) Dogger Bank C offshore wind farm in Britain, the companies said on Thu...

Read more
2 Dec 2021 07:03

Shell launches $1.5bn buyback from Permian sale

(Sharecast News) - Royal Dutch Shell has launched a $1.5bn share buyback as the first stage of returning cash to shareholders from the sale of its Permian business in the US.

Read more
1 Dec 2021 12:10

German oil lobby seeks net zero CO2 emissions by 2045

FRANKFURT, Dec 1 (Reuters) - Germany's oil industry will aim for net zero carbon emissions by 2045, moving away from fossil fuel to low carbon products such as biofuels and renewable energy-derived hydrogen, the industry's lobby group en2x said on...

Read more
1 Dec 2021 12:10

LONDON MARKET MIDDAY: IAG and Whitbread lead Omicron rebound

LONDON MARKET MIDDAY: IAG and Whitbread lead Omicron rebound

Read more
1 Dec 2021 08:54

LONDON MARKET OPEN: Omicron fears ease again but uncertainty lingers

LONDON MARKET OPEN: Omicron fears ease again but uncertainty lingers

Read more
30 Nov 2021 17:33

UPDATE 3-U.S. security review stalls sale of Shell Texas refinery to Mexico's Pemex

(Updates with comment from congressman critical of sale)By Erwin SebaHOUSTON, Nov 30 (Reuters) - A U.S. national security review has delayed the sale of Royal Dutch Shell's controlling interest in a Texas refinery to Mexico's national oil company, ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.