BP to Cut 10,000 Jobs as Oil Demand Plummets
Fossil fuel giant BP made headlines earlier this year when it announced it would target net zero emissions by 2050. Now, it is in the headlines again, since it announced on Monday that it would slash 10,000 jobs, roughly 15 percent of its workforce, as it struggles during a downturn in the oil market and transitions its practices towards renewable energy, as CNN reported.
In an email to staff on Monday that was also published on LinkedIn, BP CEO Bernard Looney announced the layoffs, which mostly affect senior office-based positions and not front-line operational staff. He called it part of some "tough decisions" but said that "we must do the right thing for bp and this is that right thing," as Gizmodo reported.
BP currently employs 70,100 people. "We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year," Looney said in a statement, as Reuters reported.
BP also said it will not give any raises to senior executives this year and it will not hand out any cash bonuses. Like all the world's top energy companies, BP has cut its 2020 spending plans after the coronavirus pandemic brought an unprecedented drop in demand for oil, according to Reuters.
In his email to staff, Looney said: "The oil price has plunged well below the level we need to turn a profit. We are spending much, much more than we make - I am talking millions of dollars, every day," as the BBC reported.
"It was always part of the plan to make BP a leaner, faster-moving and lower carbon company," wrote Looney. "Then the COVID-19 pandemic took hold. You are already aware that, beyond the clear human tragedy, there has been widespread economic fallout, along with consequences for our industry and our company."
The price of crude oil fell precipitously this year. It started the year at $66 per barrel, but dropped below $20 during the pandemic and has now inched its way up to $42 barrel. That slow recovery in the price and the continued low demand for oil means the fossil fuel industry is losing money hand over fist, according to CNN.
The drop in oil prices has accelerated the push toward renewable energy sources, Looney said on Monday, according to CNN. "To me, the broader economic picture and our own financial position just reaffirm the need to reinvent [BP]," Looney wrote in his note to employees. "While the external environment is driving us to move faster — and perhaps go deeper at this stage than we originally intended — the direction of travel remains the same."
Prior to the coronavirus, demand for oil was expected to peak around 2040 due to the rise of electric cars, increased energy efficiency and a switch to alternative sources. That combination puts pressure on energy companies to decrease their reliance on fossil fuels. BP started out ahead in that department, having committed to cutting greenhouse gas emissions from its global operations, as well as emissions that result from the oil and gas it produces, to net zero by 2050. BP wants to halve the carbon intensity of the products it sells by 2050, as CNN reported.
The drop in demand has affected other companies, too. Chevron Corp, the second-largest U.S. oil producer, said that it would cut between 10 and 15 percent of its global workforce as part of an ongoing restructuring, according to Reuters. Also, Royal Dutch Shell cut its dividend and started a layoff process.
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By Astrid Caldas
As we reach the official end of hurricane season, 2020 will be one for the record books. Looking back at these long, surprising, sometimes downright crazy past six months (seven if you count when the first named storms actually started forming), there are many noteworthy statistics and patterns that drive home the significance of this hurricane season, and the ways climate change may have contributed to it.
A summary infographic showing hurricane season probability and numbers of named storms predicted from NOAA's 2020 Atlantic Hurricane Season Outlook. NOAA
The updated 2020 Atlantic hurricane season probability and numbers of named storms. NOAA
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EcoWatch Daily Newsletter
By Dana Drugmand
An unprecedented climate lawsuit brought by six Portuguese youths is to be fast-tracked at Europe's highest court, it was announced today.
The European Court of Human Rights said the case, which accuses 33 European nations of violating the applicants' right to life by disregarding the climate emergency, would be granted priority status due to the "importance and urgency of the issues raised."
‘Protect Our Future’<p>Cláudia Agostinho (21), Catarina Mota (20), Martim Agostinho (17), Sofia Oliveira (15), André Oliveira (12) and Mariana Agostinho (8) are <a href="https://www.desmogblog.com/2020/09/03/youth-climate-lawsuit-portugal-33-european-countries" target="_blank">bringing the case</a> with nonprofit law firm Global Legal Action Network (<span style="background-color: initial;">GLAN</span>), arguing that none of the countries have sufficiently ambitious targets to cut their emissions.</p><p>Portugal recently sweltered through its <a href="https://www.ipma.pt/pt/media/noticias/news.detail.jsp?f=/pt/media/noticias/textos/resumo-clima-julho-20.html" target="_blank">hottest July in 90 years</a> and has seen a rise in devastating heatwaves and wildfires over recent years due to rising temperatures. Four of the applicants live in Leiria, one of the regions worst-hit by the forest fires that killed more than 120 people in 2017. </p><p>Responding to the development, André Oliveira, 12, said: "It gives me lots of hope to know that the judges in the European Court of Human Rights recognise the urgency of our case." </p><p>"But what I'd like the most would be for European governments to immediately do what the scientists say is necessary to protect our future. Until they do this, we will keep on fighting with more determination than ever."</p>
‘Highly Significant'<p>The decision represents a "highly significant" step, <a href="https://www.glanlaw.org/about-us" target="_blank">GLAN</a> Director Dr. Gearóid Ó Cuinn said in a <a href="https://youth4climatejustice.org/" target="_blank">press release</a>.</p><p>"This is an appropriate response from the Court given the scale and imminence of the threat these young people face from the climate emergency," he added. </p><p>By suing the 33 countries all together, the youths aim to compel these national governments to act more aggressively on climate through a single court order, which would potentially be more effective than pursuing separate lawsuits or lobbying policymakers in each country.</p><p>If successful, the defendant countries would be legally bound not only to ramp up emissions cuts, but also to tackle overseas contributions to climate change including those of their multinational enterprises.</p>
‘Major Hurdle’<p>The <a href="https://youth4climatejustice.org/the-case/" target="_blank" rel="noopener noreferrer">countries targeted</a> include all of the European Union member states as well as Norway, Russia, Switzerland, Turkey, Ukraine and the United Kingdom, none of which are currently aligned with <a href="https://www.ecowatch.com/tag/paris-agreement">Paris agreement</a> target to limit global temperature rise to well below 2 degrees C (3.6 degrees F) and pursue a limit of 1.5 degrees C (2.7 degrees F).<a href="https://climateactiontracker.org/countries/" target="_blank" rel="noopener noreferrer"> </a></p><p><a href="https://climateactiontracker.org/countries/" target="_blank" rel="noopener noreferrer">Climate Action Tracker rates</a> most of Europe as "insufficient" in terms of its emissions reduction policies based on the Paris target, while Ukraine, Turkey and Russia are assessed as "critically insufficient" – meaning they are on track for a warming of 4 degrees C or higher.</p><p>The European Union has pledged to slash its emissions by <a href="https://ec.europa.eu/clima/policies/eu-climate-action/2030_ctp_en" target="_blank" rel="noopener noreferrer">at least 55 percent by 2030</a>. But the Portuguese youth plaintiffs are calling for cuts of at least 65 percent by 2030, a level that <a href="http://www.caneurope.org/energy/climate-energy-targets" target="_blank" rel="noopener noreferrer">European climate campaigners say</a> is necessary to meet the 1.5 degrees warming limit.</p><p> The 33 countries must each respond to the youths' complaint by the end of February, before lawyers representing the plaintiffs will respond to the points of defense. </p><p>"Nothing less than a 65 percent reduction by 2030 will be enough for the EU member states to comply with their obligations to the youth-applicants and indeed countless others," Gerry Liston, legal officer with GLAN, said in a press release.</p><p>"These brave young people have cleared a major hurdle in their pursuit of a judgment which compels European governments to accelerate their climate mitigation efforts."</p><p><span></span><em>Reposted with permission from <a href="https://www.desmogblog.com/2020/11/29/court-advances-landmark-youth-climate-lawsuit-against-33-european-nations" target="_blank">DeSmog</a>. </em></p>
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By Liz Kimbrough
Six grassroots environmental activists will receive the prestigious Goldman Environmental Prize in a virtual ceremony this year. Dubbed the "Green Nobel Prize," this award is given annually to environmental heroes from each of the world's six inhabited continents.
Kristal Ambrose, the Bahamas<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzI3MC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1MDM5NTk5MX0.fdMrrUqf0HvWq0Uh0Ii3mXxJczHPyN1jcnSsQoXoerE/img.jpg?width=980" id="b9e66" class="rm-shortcode" data-rm-shortcode-id="b8b8777f7964bb7100672b3be0abf3fe" data-rm-shortcode-name="rebelmouse-image" />
Kristal Ambrose. Goldman Environmental Prize
Chibeze Ezekiel, Ghana<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzM2MS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1MTgzOTE3OX0.KoEZr3oMPKbeG2uT8q-ZsGPOGtIZ3l6V6NXEK5U90FU/img.jpg?width=980" id="65224" class="rm-shortcode" data-rm-shortcode-id="6ec640a8ba56a4db22b57e4f8734a7a4" data-rm-shortcode-name="rebelmouse-image" />
Chibeze Ezekiel. Goldman Environmental Prize
Nemonte Nenquimo, Ecuador<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzM2Ny9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYwNzYxODYwM30.cys5ZsFGd75UcjybADGBPFt20jrzgrsFujoj_qMTK4E/img.jpg?width=980" id="96b5a" class="rm-shortcode" data-rm-shortcode-id="0778ab7334e3297e0ead52d5fd1499e5" data-rm-shortcode-name="rebelmouse-image" />
Nemonte Nenquimo. Goldman Environmental Prize
Leydy Pech, Mexico<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzQwNy9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0NzkzOTYzOH0.uHlN2FQoJJ_KFJWTn4oL__lDyjA0-HDnxewBhwgQRVg/img.jpg?width=980" id="9ab07" class="rm-shortcode" data-rm-shortcode-id="ccc347126d4ce9ddbb3b9c1b4673391b" data-rm-shortcode-name="rebelmouse-image" />
Leydy Pech. Goldman Environmental Prize
Lucie Pinson, France<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzQxMS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2NzE0NTU1NX0.OutmX3sfl4pMaoYssTQ4zk7Y14_hans7-Z-0B0xsjfM/img.jpg?width=980" id="4bcd7" class="rm-shortcode" data-rm-shortcode-id="4bff14750dc0a70fc79e9484ea2bdbd4" data-rm-shortcode-name="rebelmouse-image" />
Lucie Pinson. Goldman Environmental Prize
Paul Sein Twa, Myanmar<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzQxNS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1NDAyNjU0MH0.DHrKykngmcJyJ5rn4r91ANH7FmQ7Us6ZMEOis8yAzGY/img.jpg?width=980" id="8fa36" class="rm-shortcode" data-rm-shortcode-id="0e703d62288df00931cd678c861c6e0b" data-rm-shortcode-name="rebelmouse-image" />
Paul Sein Twa. Goldman Environmental Prize
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