THE TELEGRAPH
Vilifying Western oil companies is a very bad way to fight climate change
Green victories over the likes of Shell risk handing Russia and the petro-states political leverage over the world’s energy supplies
Environmentalists should think twice before celebrating the week that shook Big Oil to the core. Green activist victories against Shell, ExxonMobil, and Chevron are pregnant with unintended consequences.
The Shell saga is the most unsettling of the three episodes last week. (For sake of disclosure I own shares.) It was ordered by a district court in the Hague last Wednesday to slash emissions 45pc by 2030 in line with United Nations guidance, including the “Scope 3” emissions of hypothetical drivers who burn their petrol. Others will surely follow because copycat suits are proliferating.
“All the majors will now have to let their oil production decline. People are pencilling in a 3pc decline per annum for Shell, from 1pc to 2pc previously, which was already a striking number,” said Jean-Louis Le Mee from the hedge fund Westbeck Capital.
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