EcoWatch Daily Newsletter
BP, the energy giant that grew from oil and gas production, is taking its business in a new direction, announcing Tuesday that it will slash its oil and gas production by 40 percent and increase its annual investment in low-carbon technology to $5 billion, a ten-fold increase over its current level, according to CNN.
- World's Largest Fund Manager to 'Reshape' Investment Portfolio to ... ›
- Oil Companies Are Thinking About a Low-Carbon Future, but Aren't ... ›
- BP Announces Net Zero Emissions by 2050 Target, but Offers No ... ›
The attorney general for Washington, DC filed a lawsuit on Thursday against four of the largest energy companies, claiming that the companies have spent millions upon millions of dollars to deceive customers in about the calamitous effect fossil fuel extraction and emissions is having on the climate crisis, according to The Washington Post.
- 'Fossil Fuel Companies Knew': Honolulu Files Lawsuit Over Climate ... ›
- Climate Crisis Lawsuits Expanding Worldwide: 'A Global ... ›
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.
- Fossil Fuel Industry Looks to Profit With Plastics - EcoWatch ›
- Oil Prices Fall Below Zero for First Time in History - EcoWatch ›
- Oil Refineries Face Shutdowns as Demand Collapses - EcoWatch ›
- Oil Demand May Have Peaked in 2019, BP Report Says - EcoWatch ›
British-based oil and gas giant BP set the most ambitious climate goal of any company in its industry yesterday when it announced that it will eliminate or offset all of its greenhouse gas emissions by 2050, according to The New York Times. Its ambitious plans included offsetting the burning of oil and gas it takes out of the ground.
- Oil and Gas Operations Release 60 Percent More Methane than ... ›
- New U.S. Oil and Gas Emissions Could Nearly Erase Environmental ... ›
- Deepwater Horizon Also Spilled 'Invisible Oil,' Harming Far More Marine Life Than Previously Known - EcoWatch ›
- BP to Cut Oil and Gas Production 40%, Invest 10x More in Green Energy - EcoWatch ›
A Danish pension fund has said it would sell its stake in major oil companies as their business models are incompatible with the goals set out in the Paris climate agreement.
- Fossil Fuel Divestment Debates on Campus Spotlight Societal Role ... ›
- Norway’s Largest Private Asset Manager Divests in Chevron, Exxon for Lobbying Against Climate Action - EcoWatch ›
Greenpeace Activists Stop BP Rig Bound for North Sea, Stalling Plan to Drill for 30 Million Barrels of Oil
By Julia Conley
By Andy Rowell
It may be a New Year, but there is an old oil spill that keeps on spilling. The trouble is that you will probably have never have heard about the spill.
But you need to know. Because, for more than 14 years, some 10,000 to 30,000 gallons of oil have leaked daily from a sunken oil rig owned by Taylor Energy into the Gulf of Mexico, about 12 miles south of the mouth of the Mississippi River.
By Chloë Waterman
As the Trump administration's dangerous deregulatory agenda leads us closer to climate catastrophe, cities, counties and businesses are stepping up to address the crisis. Last month, Gov. Jerry Brown and former New York City Mayor Michael Bloomberg released their "Fulfilling America's Pledge" plan, laying out the top climate strategies for subnational governments and businesses, at the Global Climate Action Summit.
A federal judge ruled on Thursday in favor of a motion by five big oil companies to dismiss a lawsuit brought against them by New York City, which demanded they pay the costs of adapting the city's infrastructure to climate change, The New York Times reported.
The ruling comes nearly a month after a federal judge in San Francisco dismissed a similar case brought by the cities of Oakland and San Francisco.
By Paul Brown
If the car manufacturers' projections of future sales of electric cars are correct, then demand for oil will have peaked by 2027 or even earlier, sending the price of oil in a downward spiral as supply exceeds demand, said Carbon Tracker (CT), an independent financial think-tank carrying out in-depth analysis on the impact of the energy transition on capital markets.
By Jason Mark
Can any one group of actors be held responsible for the damages caused by global climate change?
That was the central question argued in federal court on Thursday as attorneys representing San Francisco and Oakland tried to beat back efforts by ExxonMobil, BP, Chevron, ConocoPhillips and Royal Dutch Shell to have a judge throw out a potentially groundbreaking climate change related lawsuit.
- Schwarzenegger to Sue Big Oil for 'Murder' ›
- Charleston, SC Becomes First City in U.S. South to Sue Big Oil for Climate Costs - EcoWatch ›