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(Reuters) A landmark lawsuit filed against Guyana's government, arguing that oil production fuels climate change, could bolster legal action as court cases involving energy companies and state authorities surge, according to lawyers and environmentalists. The constitutional claim - the first of its kind in the English-speaking Caribbean - asserts that oil exploration and production led... Continue Reading →
Portugal's Galp Energia (GALP.LS) will sharpen its focus on renewable energy and limit fossil fuel spending to already approved developments, resulting in a 20% cut in five-year capital expenditure, the company said on Wednesday. Oil and gas company Galp is following a broader trend, as energy companies curb investment in fossil fuels in favour of green power... Continue Reading →
(Reuters) Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. Defeats in the courtroom and boardroom mean Royal Dutch Shell (RDSa.L), ExxonMobil (XOM.N) and Chevron (CVX.N) are all under pressure to cut carbon emissions faster. That’s good news for the likes of Saudi Arabia’s... Continue Reading →
Thousands of new oil wells and hundreds of new oilfields will be needed to meet global demand even if it falls sharply towards the middle of the century, Oslo-based consultancy Rystad Energy said on Friday. Its analysis stands in sharp contrast to the conclusions of the International Energy Agency (IEA), which said last week that... Continue Reading →
Firjan (Rio de Janeiro Industrial Federation) believes that the state of Rio needs to keep new energy opportunities on the radar, taking advantage of the synergies between the existing offshore markets and the potential of offshore wind projects. In addition to the similarity of environment, labor skills have the potential to transition between operations and... Continue Reading →
Rating agency Moody's said on Friday that the credit risk of major oil producers has increased with recent events including Royal Dutch Shell losing a Dutch climate lawsuit this week and Exxon losing a battle with shareholders. Chevron also lost a vote to shareholders demanding it cut emissions further. "These actions represent a substantial shift in the landscape for oil companies, which... Continue Reading →
(WO) At the Ordinary and Extraordinary Shareholders’ Meeting, shareholders approved, almost unanimously, the resolution to change the company’s name from Total to TotalEnergies, thereby anchoring its strategic transformation into a broad energy company in its identity. In tandem with this name change, TotalEnergies is adopting a new visual identity. “Energy is life. We all need... Continue Reading →
(Bloomberg) --Fresh from striking a hammer blow in the boardrooms of the world’s biggest oil companies, the climate movement has a clear message: the energy transition is happening and there’s no turning back. Just five years ago, environmental activists were limited to waving placards outside of annual meetings and to the odd shareholder proposal, inevitably... Continue Reading →
(Reuters) Several Total (TOTF.PA) shareholders plan to demonstrate their concern that the French firm is not doing enough to curb carbon emissions at its shareholder meeting on Friday, as global oil and gas companies come under growing environmental pressure. The International Energy Agency has warned that new fossil fuel projects must stop this year if the world... Continue Reading →
(Reuters) Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund’s name that recalled a famous children’s book to its tiny, then-$40 million stake in what was once the world’s largest publicly traded company. Just six months later,... Continue Reading →
