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Exxon in Hot Seat as SEC Investigates Oil Giant Over Accounting for Climate Change
The U.S. Securities and Exchange Commission (SEC) is investigating how ExxonMobil valued its assets during the continuing slump in oil prices and how the company factors in climate risk when pricing its projects.
Minale Tattersfield / Flickr
The SEC requested information and documents from Exxon and the company's auditor, PricewaterhouseCoopers, in August, as well as documents from New York Attorney General Eric Schneiderman's similar investigation of the company. Exxon has been under increasing government scrutiny since multiple reports revealed the oil giant may have misled the public about the dangers of climate change.
"This is a remarkably important development—the federal government is joining the courageous state attorneys general, and they're all following the trail of clues that began with powerful investigative journalism," Bill McKibben, 350.org co-founder, said. "Before they're done we'll understand considerably more about how the world overheated—but in the meantime, every institution that invests in Exxon should take real note of who you're keeping company with."
"This investigation is a welcome opportunity for transparency from the fossil fuel industry," Greenpeace Executive Director Annie Leonard said. "We know Exxon has published projections showing that demand for oil and natural gas will continue growing for decades to come—projections which are flatly incompatible with limiting global warming to 2 degrees Celsius, as called for by the Paris climate accords. What we don't know is how Exxon's balance sheet would change if the world meets the climate challenge."
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Wolves and Jaguars Are Already Threatened by Border Razor Wire As Trump Vetoes Bid to Block Emergency Wall Funding
President Donald Trump issued the first veto of his presidency Friday, overturning Congress' vote to block his national emergency declaration to fund a border wall that environmental advocates say would put 93 endangered species at risk. However, the president's decision came the same day as an in-depth report from UPI revealing how razor wire placed at the border in the last four months already threatens wildlife.
Yet another whale has died after ingesting plastic bags. A young male Cuvier's beaked whale was found washed up in Mabini, Compostela Valley in the Philippines Friday, CNN reported. When scientists from the D' Bone Collector Museum in Davao investigated the dead whale, they found it had died of "dehydration and starvation" after swallowing plastic bags―40 kilograms (approximately 88 pounds) worth of them!
By Joe Sandler Clarke
"Don't expect us to continue buying European products," Malaysia's former plantations minister Mah Siew Keong told reporters in January last year. His comments came just after he had accused the EU of "practising a form of crop apartheid."
A few months later Luhut Pandjaitan, an Indonesian government minister close to President Joko 'Jokowi' Widodo, warned his country would retaliate if it was "cornered" by the EU.
By Luis Torres
For some people who live along the U.S.-Mexico border, President Trump's attempt to declare a national emergency and extend the border wall is worse than a wasteful, unconstitutional stunt. It's an attack on their way of life that threatens to desecrate their loved ones' graves.
At least 150 people have died in a cyclone that devastated parts of Mozambique, Zimbabwe and Malawi over the weekend, The Associated Press reported Sunday. Cyclone Idai has affected more than 1.5 million people since it hit Mozambique's port city of Beira late Thursday, then traveled west to Zimbabwe and Malawi. Hundreds are still missing and tens of thousands are without access to roads or telephones.
"I think this is the biggest natural disaster Mozambique has ever faced. Everything is destroyed. Our priority now is to save human lives," Mozambique's Environment Minister Celso Correia said, as AFP reported.