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By Sabrina Kessler
Far-reaching allegations about how a climate-sinning American multinational could shamelessly lie to the public about its wrongdoing mobilized a small group of New York students on a cold November morning. They stood in front of New York's Supreme Court last week to follow the unprecedented lawsuit against ExxonMobil.
The case is not about the damage to the planet the energy giant has caused. Instead, ExxonMobil is being forced to answer allegations that it played down the consequences of climate change to consumers and investors for decades.
What looked like a clear victory for the Attorney General's Office, however, now threatens to turn into a damp squib. The prosecution quickly admitted it had failed to prove that the company deliberately deceived shareholders and a few days ago, Assistant Attorney General Jonathan Zweig dropped one of the main allegations — investor fraud.
The state of New York had wanted to prove that the Texas-based oil giant knowingly misled shareholders. ExxonMobil is said to have built a "long-standing fraudulent system" to cover up the true impact of climate change. All this to push up the stock price. Similar allegations were once made against the tobacco industry, which publicly denied the risk of cancer, even though it knew better. What followed were penalties in the billions.
ExxonMobil did not respond to a request from DW. The Group's website contains a statement from last month in which the company promised it would be exonerated in court: "The allegations of the New York Attorney General are false," it said.
The student protest is one of several held outside the New York Supreme Court during the trial.
Investors had been informed through regular announcements about how the company responds with climate-related risks, the company added. "The New York attorney general's case is misleading and deliberately misrepresents a process we use to ensure company investments take into account the impact of current and potential climate-related regulations."
However, this remaining lawsuit is not just against any company, but one built by the man once considered to be the richest American of all time. ExxonMobil's roots go back to John D. Rockefeller, the U.S. oil magnate who built one of the country's first oil refineries in 1863. His company, the Standard Oil Company, grew so powerful that within a few decades the U.S. Supreme Court ordered it to be broken up into more than 30 companies, two of which grew into today's ExxonMobil.
This company, in turn, rebuilt itself into one of the largest in the world: the oil multinational recorded sales of $279 billion (€253 billion) last year alone. By way of comparison, Apple achieved $266 billion in 2018.
Former U.S. Secretary of State Rex Tillerson previously had a decade-long tenure as Exxon Mobil's chair and CEO.
Impact Known for Years
Success does, however, have its negatives. ExxonMobil is one of the largest global climate sinners. Not only are forests being cleared and waters and soils polluted to unearth more than 4 million barrels a day of black gold, the oil giant also contributes almost 2% to global carbon dioxide (CO2) emissions, according to calculations from the UK-based Carbon Disclosure Project. Over the last 50 years, it has created 42 billion tons of CO2.
The oil companies know only too well how much they endanger the climate. Exxon Mobil, for example, is said to have known since the 1970s about the impact the oil business was having on the planet. However, these findings never reached the outside world. "Exxon Mobil is a climate criminal," alleges 350.org, a nonprofit environmental organization that supports students in their protests.
Despite this, the state of New York has not yet been able to prove ExxonMobil's culpability. Not a single shareholder who testified in court claimed to have been deceived. The prosecution now has to prove that the oil giant was wrong to assure its investors that it was adequately preparing its own business for a decarbonized future. A ruling is expected in the coming weeks.
ExxonMobil's biggest challenge, however, is a different one. A glance at Wall Street data reveals that the energy sector is increasingly losing its standing. Today, the industry represents less than 5% of the total market value of all companies indexed in the S&P 500. Five years ago, it was still over 15%.
Oil Price Remains Low
ExxonMobil is struggling with its greed for profits. Since its all-time high five years ago, the stock price has collapsed by a third. It has long been clear that coal, gas and oil can no longer earn as much as they used to. Coal, for example, is increasingly being replaced by natural gas, which is much cheaper. Oil is also being fractured in such quantities that the market is literally flooded. Not even the military attacks on Saudi Arabia's oil fields in September caused a lasting rise in the price of oil. It has lost 20% since January.
Exxon Mobil has the 14th-largest oil and gas reserves and is the largest refiner in the world.
For analysts, one thing is clear: ExxonMobil needs new ways to revive itself. "The Stone Age didn't end because the stones ran out," analyst Stewart Glickman of CFRA Research told DW. In other words, it will not be the lack of oil that will put a spoke in the wheel for the oil giants, but the lack of profitability. Competitors like Royal Dutch Shell have long been experimenting with renewable energies in order to do justice to the zeitgeist. ExxonMobil is years behind.
The company's future strategy is still heavily reliant on fossil fuels. This includes the production of shale oil (fracking) in the West as well as natural gas plants in Papua New Guinea, oil wells in South American Guyana and the development of new fields in Brazil and Mozambique.
The Group intends to invest $230 billion in these projects in the coming years. However, only a fraction of this is for environmentally friendly technologies. The oil giant has committed just $10 billion to these types of projects — in the last twenty years.
Reposted with permission from DW.
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By Daisy Simmons
1. Stay Informed<p>A first order of business in pet evacuation planning is to understand and be ready for the possible threats in your area. Visit <a href="https://www.ready.gov/be-informed" target="_blank">Ready.gov</a> to learn more about preparing for potential disasters such as floods, hurricanes, and wildfires. Then pay attention to related updates by tuning <a href="http://www.weather.gov/nwr/" target="_blank">NOAA Weather Radio</a> to your local emergency station or using the <a href="https://www.fema.gov/mobile-app" target="_blank">FEMA app</a> to get National Weather Service alerts.</p>
2. Ensure Your Pet is Easily Identifiable<p><span>Household pets, including indoor cats, should wear collars with ID tags that have your mobile phone number. </span><a href="https://www.avma.org/microchipping-animals-faq" target="_blank" rel="noopener noreferrer">Microchipping</a><span> your pets will also improve your chances of reunion should you become separated. Be sure to add an emergency contact for friends or relatives outside your immediate area.</span></p><p>Additionally, use <a href="https://secure.aspca.org/take-action/order-your-pet-safety-pack" target="_blank" rel="noopener noreferrer">'animals inside' door/window stickers</a> to show rescue workers how many pets live there. (If you evacuate with your pets, quickly write "Evacuated" on the sticker so first responders don't waste time searching for them.)</p>
3. Make a Pet Evacuation Plan<p> "No family disaster plan is complete without including your pets and all of your animals," says veterinarian Heather Case in <a href="https://www.youtube.com/watch?v=Q9NRJkFKAm4" target="_blank">a video</a> produced by the American Veterinary Medical Association.</p><p>It's important to determine where to take your pet in the event of an emergency.</p><p>Red Cross shelters and many other emergency shelters allow only service animals. Ask your vet, local animal shelters, and emergency management officials for information on local and regional animal sheltering options.</p><p>For those with access to the rare shelter that allows pets, CDC offers <a href="https://www.cdc.gov/healthypets/emergencies/pets-in-evacuation-centers.html" target="_blank">tips on what to expect</a> there, including potential health risks and hygiene best practices.</p><p>Beyond that, talk with family or friends outside the evacuation area about potentially hosting you and/or your pet if you're comfortable doing so. Search for pet-friendly hotel or boarding options along key evacuation routes.</p><p>If you have exotic pets or a mix of large and small animals, you may need to identify multiple locations to shelter them.</p><p>For other household pets like hamsters, snakes, and fish, the SPCA recommends that if they normally live in a cage, they should be transported in that cage. If the enclosure is too big to transport, however, transfer them to a smaller container temporarily. (More on that <a href="https://www.spcai.org/take-action/emergency-preparedness/evacuation-how-to-be-pet-prepared" target="_blank" rel="noopener noreferrer">here</a>.)</p><p>For any pet, a key step is to establish who in your household will be the point person for gathering up pets and bringing their supplies. Keep in mind that you may not be home when disaster strikes, so come up with a Plan B. For example, you might form a buddy system with neighbors with pets, or coordinate with a trusted pet sitter.</p>
4. Prepare a Pet Evacuation Kit<p>Like the emergency preparedness kit you'd prepare for humans, assemble basic survival items for your pets in a sturdy, easy-to-grab container. Items should include:</p><ul><li>Water, food, and medicine to last a week or two;</li><li>Water, food bowls, and a can opener if packing wet food;</li><li>Litter supplies for cats (a shoebox lined with a plastic bag and litter may work);</li><li>Leashes, harnesses, or vehicle restraints if applicable;</li><li>A <a href="https://www.avma.org/resources/pet-owners/emergencycare/pet-first-aid-supplies-checklist" target="_blank">pet first aid kit</a>;</li><li>A sturdy carrier or crate for each cat or dog. In addition to easing transport, these may serve as your pet's most familiar or safe space in an unfamiliar environment;</li><li>A favorite toy and/or blanket;</li><li>If your pet is prone to anxiety or stress, the American Kennel Club suggests adding <a href="https://www.akc.org/expert-advice/home-living/create-emergency-evacuation-plan-dog/" target="_blank" rel="noopener noreferrer">stress-relieving items</a> like an anxiety vest or calming sprays.</li></ul><p>In the not-unlikely event that you and your pet have to shelter in different places, your kit should also include:</p><ul><li>Detailed information including contact information for you, your vet, and other emergency contacts;</li><li>A list with phone numbers and addresses of potential destinations, including pet-friendly hotels and emergency boarding facilities near your planned evacuation routes, plus friends or relatives in other areas who might be willing to host you or your pet;</li><li>Medical information including vaccine records and a current rabies vaccination tag;</li><li>Feeding notes including portions and sizes in case you need to leave your pet in someone else's care;</li><li>A photo of you and your pet for identification purposes.</li></ul>
5. Be Ready to Evacuate at Any Time<p>It's always wise to be prepared, but stay especially vigilant in high-risk periods during fire or hurricane season. Practice evacuating at different times of day. Make sure your grab-and-go kit is up to date and in a convenient location, and keep leashes and carriers by the exit door. You might even stow a thick pillowcase under your bed for middle-of-the-night, dash-out emergencies when you don't have time to coax an anxious pet into a carrier. If forecasters warn of potential wildfire, a hurricane, or other dangerous conditions, bring outdoor pets inside so you can keep a close eye on them.</p><p>As with any emergency, the key is to be prepared. As the American Kennel Club points out, "If you panic, it will agitate your dog. Therefore, <a href="https://www.akc.org/expert-advice/home-living/create-emergency-evacuation-plan-dog/" target="_blank" rel="noopener noreferrer">pet disaster preparedness</a> will not only reduce your anxiety but will help reduce your pet's anxiety too."</p>
Evacuating Horses and Other Farm Animals<p>The same basic principles apply for evacuating horses and most other livestock. Provide each with some form of identification. Ensure that adequate food, water, and medicine are available. And develop a clear plan on where to go and how to get there.</p><p>Sheltering and transporting farm animals requires careful coordination, from identifying potential shelter space at fairgrounds, racetracks, or pastures, to ensuring enough space is available in vehicles and trailers – not to mention handlers and drivers on hand to support the effort.</p><p>For most farm animals, the Red Cross advises that you consider precautionary evacuation when a threat seems imminent but evacuation orders haven't yet been announced. The American Veterinary Medical Association has <a href="https://www.avma.org/resources/pet-owners/emergencycare/large-animals-and-livestock-disasters" target="_blank">more information</a>.</p>
Bottom Line: If You Need to Evacuate, So Do Your Pets<p>As the Humane Society warns, pets left behind in a disaster can easily be injured, lost, or killed. Plan ahead to make sure you can safely evacuate your entire household – furry members included.</p>
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