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$20 Billion Fund in Denmark Divests From 10 Major Oil Companies, Citing 'Poor Returns'
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.
By Jessica Corbett
New York state prosecutors last week accused ExxonMobil of trying to discourage witnesses from testifying against the company in a climate fraud case, leading the head of the environmental group 350.org to declare Thursday that "we won't be intimidated."
EcoWatch Daily Newsletter
By Andy Rowell
Earlier this month, we collectively walked into the unknown.
We are all now a living experiment. Never before in human history have carbon dioxide levels reached 415 parts per million.
Activists representing more than 350 environmental, civic, and college student organizations in Downtown Manhattan in February 2017.
Pacific Press / Contributor / LightRocket / Getty Images
Massachusetts' Democratic Attorney General Maura Healey declared "victory" on Monday after the U.S. Supreme Court rejected ExxonMobil's attempt to derail her office's probe into whether the fossil fuel giant misled investors and the public about its knowledge of climate change.
The justices declined to hear Exxon's appeal of an April ruling by Massachusetts' highest court, Reuters reported.
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The world's largest oil company is being pressured by major shareholders to take action on climate change.
Institutional investors with an estimated $1.9 trillion under management, led by the New York State Common Retirement Fund (NYSCRF) and the Church Commissioners of England (CCE), filed a shareholder resolution calling on ExxonMobil to set targets for lowering its greenhouse gas emissions, covering emissions from both its operations and the use of its products.
By Dana Drugmand
Koch Industries is calling for the elimination of tax credits for electric vehicles (EVs), all while claiming that it does not oppose plug-in cars and inviting the elimination of oil and gas subsidies that the petroleum conglomerate and its industry peers receive.
Outgoing Nevada Republican Senator Dean Heller introduced a bill in September that would lift the sales cap on electric vehicles eligible for a federal tax credit, and replace the cap with a deadline that would dictate when the credit would start being phased out.
Why Plans to Turn America’s Rust Belt Into a New Plastics Belt Are Bad News for the Climate
By Sharon Kelly
The petrochemical industry anticipates spending a total of over $200 billion on factories, pipelines, and other infrastructure in the U.S. that will rely on shale gas, the American Chemistry Council announced in September. Construction is already underway at many sites.
This building spree would dramatically expand the Gulf Coast's petrochemical corridor (known locally as "Cancer Alley")—and establish a new plastics and petrochemical belt across states like Ohio, Pennsylvania and West Virginia.
New York Attorney General Barbara Underwood filed a lawsuit against Exxon Mobil on Wednesday alleging the company defrauded shareholders and downplayed the risk of climate change to its business.
The suit, first reported by the New York Times, is the culmination of a years-long investigation—colloquially known as the #ExxonKnew probe—into the energy giant's business practices and whether it lied to investors and the public about the risks of climate change.
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By Brenda Ekwurzel
If you look at headlines from the last year, ExxonMobil, Chevron and other major fossil fuel companies have seemingly turned a new page on climate change. Recently, ExxonMobil received major kudos for giving $1 million to Americans for Carbon Dividends, a lobbying offshoot of the industry-backed Climate Leadership Council. Shortly before that, ExxonMobil, Chevron and Occidental Petroleum got good press for each pledging $100 million to the Oil and Gas Climate Initiative, which amounts to less than one percent of their capital and exploration budget for 2018 (ExxonMobil's is $28 billion while Chevron's is $15.8 billion). Companies have also touted their support for the Paris climate agreement as well as their research and investments in renewables.
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.
By Elliott Negin
A decade after pledging to end its support for climate science deniers, ExxonMobil gave $1.5 million last year to 11 think tanks and lobby groups that reject established climate science and openly oppose the oil and gas giant's professed climate policy preferences, according to the company's annual charitable giving report released this week.