Posts under ‘COP26’

Was Shell’s response to Cambo reasonable?

SOME THOUGHTS FROM A LONG-TERM CONTRIBUTOR TO THIS WEBSITE, A RETIRED SENIOR SHELL OFFICIAL, BILL CAMPBELL

Given that US and China dominate the world’s CO2 emissions you have to ask the question was the Shell response to Cambo reasonable?

UK with its total CO2 emissions just under 3% of the World with the oil and gas sector in the UK contributing circa 25% of UK emissions, but with transport and electricity generation accounting for just over 52%, it makes you wonder since the UK may have to import more oil in the near to medium future (increasing transport emissions) in so doing.  read more

sky news

Shell’s decision to abandon Cambo oil field does nothing to aid the transition to green energy

Sky’s Ian King argues that environmental campaigners and other critics have scored an own goal by opposing the project and will only force us to buy in more energy from abroad.

Ian King: Business presenter @iankingsky: Friday 3 December 2021 

Shell’s decision not to proceed with its interest in the Cambo oil field may not necessarily be the triumph for environmental campaigners that they seem to think.

It does not, for example, guarantee that Cambo’s oil – some 170 million barrels worth over 25 years – will stay in the ground. read more

The oil company Shell would need to use 28.6m hectares (70.7m acres) of land – an area roughly the size of Italy – to offset 35% of its emissions by 2050 using such techniques…

The Guardian

We’re going to need a bigger planet: the problem with fixing the climate with trees

Maanvi Singh: Sat 13 Nov 2021 06.00 GMT

As the United Nations Cop26 climate conference in Glasgow winds down, many world leaders and corporate boards are embracing an increasingly popular idea to solve climate change: trees. read more

CNBC

Governments and Big Oil were first. The next wave of climate lawsuits will target banks and boards

Sam Meredith@SMEREDITH19 :PUBLISHED THU, NOV 11 20212:26 AM EST

GLASGOW, Scotland — Financial institutions and individual board members could be the next targets of climate litigation cases, according to the campaigners who helped to secure a landmark courtroom victory against oil giant Royal Dutch Shell.

It comes at a time when countries are scrambling to reach consensus in the final days of the COP26 climate summit. Negotiators from 197 countries are taking part in discussions with the goal of keeping the all-important global target of 1.5 degrees Celsius alive. read more

London Evening Standard

BP and Shell: Big Oil risks big embarrassment as profits roll in during COP26

By Lucy Tobin World leaders this week gathered in Glasgow to discuss tackling climate change, which is driven in part by fossil fuel emissions. At the same time super majors like BP and Shell have announced billions in profits thanks to surging oil prices.

The timing was impeccable: as 30,000 COP26 delegates listened to UN Secretary-General António Guterres warn that “our addiction to fossil fuels is pushing humanity to the brink… either we stop it — or it stops us,” BP hurled billions of dollars at its investors via its third-quarter results.

The oil major pledged to return another $2.25 billion via buybacks and dividends this week thanks to Brent oil trading at $85 dollars a barrel, its highest since 2014. Boss Bernard Looney admitted BP was “a cash machine at these types of prices.” read more

CNBC

Bill Gates predicts oil companies ‘will be worth very little’ in 30 years — here’s why

Tom Huddleston Jr: Published Sat, Nov 6 20219:30 AM EDT

If you’re looking for an extremely long-term stock pick from billionaire Bill Gates, here it is: Avoid Big Oil.

As the world moves away from fossil fuels and adopts more clean and renewable energy sources, oil giants that have dominated markets for more than a century could be in trouble, the Microsoft co-founder said in a briefing at the COP26 climate summit in Glasgow, Scotland, on Thursday. read more

By John Donovan

Last Sunday I was described in the Channel 4 TV documentary Joe Lycett vs The Oil Giant as Shell’s No1 Enemy and as Shell’s nightmare. (Transcript of the relevant segment)

Within days I seem to have lost both titles to a billionaire upstart, Daniel Loeb, who seems intent on breaking up Shell.

From my unique perspective on Shell senior management over recent decades, he is right to question competence and direction.

How has Shell ended up with a foe (me) operating a website using the top-level domain name royaldutchshellplc.com and as a consequence dealing on Shell’s behalf with job applications and all manner of other email correspondence meant for Shell? This is the humiliating situation Shell has been in since 2005. Evidently, no one at Shell has had the gumption to do anything to put an end to such a farce. read more

The Washington Post

Big Oil’s Friday Feeling Will Pass

By Liam Denning | Bloomberg: 30 Oct 2021

Extracts

The inverse of the world’s anxiety about winter energy shortages is higher prices, portending a good fourth quarter to follow. As an added bonus, it provides a schadenfreude-inflected counterargument on days like Thursday. Exxon CEO Darren Woods mentioned it in his opening remarks to the House Oversight Committee to emphasize the difficulty of moving away from fossil fuels.

As an added added bonus, one of those oil majors moving a bit more quickly than most, Royal Dutch Shell Plc, has attracted the attention of an activist, Third Point LLC’s Dan Loeb, calling for it to split its green operations (plus gas) from its old oil business. read more

THE TIMES

‘Unwelcome’ Shell will not attend Cop26, says boss

Emily Gosden Friday October 29 2021, 12.01am, The Times The oil giant Royal Dutch Shell was told that it was “not welcome” at Cop26, its boss has said.

The Anglo-Dutch energy group, which is one of the world’s biggest polluters but has committed to cut its emissions to net zero by 2050, said it would not be represented at the UN climate conference in Glasgow.

“We were told that we were not welcome, so we will not be there,” Ben van Beurden, the company’s chief executive, said yesterday in comments that provoked debate about whether such companies should have a seat at the table in climate talks. read more

Shell CEO Ben van Beurden…

I think it is really disappointing that long term investors run away from a company…

The Herald

Shell boss defends plan to develop Cambo find off Shetland

By Mark Williamson  @MarkWHerald Group Business Correspondent: 29 Oct 2021

ROYAL Dutch Shell boss Ben van Beurden has defended plans for the controversial Cambo oil field development off Shetland as he declared the UK North Sea is a global leader in terms of the energy transition.

Shell has faced huge criticism from campaigners after it emerged that the company planned to develop the massive Cambo field with Siccar Point Energy. read more

The Motley Fool

An Activist Hedge Fund Wants to Break Up Shell Oil

The oil industry has a spill, and the leaky commodity is drama. Less than six months after an activist hedge fund planted itself on Exxon’s board…

The Daily Upside: Oct 27, 2021 at 8:00PM

The oil industry has a spill, and the leaky commodity is drama.

Less than six months after an activist hedge fund planted itself on Exxon’s board with plans to overhaul the company’s climate agenda, New York-based Third Point revealed on Wednesday its plans to slice up Royal Dutch Shell by carving off its renewables businesses. read more

Introduction by John Donovan: Printed below is a news story published by openDemocracy with links to related coverage by City AM and The Times. The Sunday Times published a related article in 2001 headlined MI6 ‘Firm’ Spied on Green Groups. That undercover activity targeted Greenpeace and other perceived enemies of Shell and BP. Like BP, Shell is also still using covert intelligence activity. SEE Shell’s failed blundering attempt to kill my royaldutchshell.website

Also related: Top spy takes early retirement from MI6… only to be hired by BP… read more

By John Donovan

Channel 4 TV documentary Joe Lycett vs The Oil Giant which aired at 9pm in the UK, 24 Oct 2021.

FROM CHANNEL 4 WEBSITE: Joe Lycett takes on Shell, as he investigates whether the oil giant is as eco-friendly as its advertising makes it out to be. Joe meets climate experts and investigates whether Shell are as eco-friendly as their advertising makes out, before making his own parody version of their ads. But will Shell sit up and listen?

Transcript extracts from the interview with John Donovan read more

Could fresh climate change cover-up allegations hit Shell’s share price?

Published 21 October 2021

Emma-Lou Montgomery: Fidelity International

Extracts

WITH the start of the COP26 climate conference now just days away…

Shell executives will probably prefer to dwell on Shell’s notable if slightly eyebrow-raising inclusion in a book just published by Jane Goodall, called The Book of Hope: A survival guide for an endangered planet.

In it, Goodall, the English primatologist and anthropologist, tells the story of Ben van Beurden, chief executive of the Royal Dutch Shell oil group, who it is claimed decided to support the 2015 Paris climate agreement because his 10-year-old daughter asked if it was true his company was destroying the planet. read more

Seeking Alpha

Shell likely to miss own emission reduction goals, shareholder group says

Oct. 22, 2021 12:32 PM ETRoyal Dutch Shell plc (RDS.A), RDS.BBy: Carl Surran, SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) is on track to miss its own emission reduction targets in the coming decades, according to a new analysis by Global Climate Insights.

Shell’s energy transition strategy “is still materially driven by fuels that will increase emissions, producing a growth strategy that will not truly align with a decarbonizing world,” the study says, as reported by Bloomberg.

The research casts doubt on Shell’s own climate goals as well as its ability to comply with a landmark Dutch court order earlier this year to cut emissions 45% by 2030 from 2019 levels.

Shell already had pledged to cut GHG emissions by 20% by 2030 and to net-zero by 2050, but GCI says the company will not meet the target established by the court ruling “and will instead increase net emissions by 4.4%.”

If Shell is to align with the 2015 Paris Agreement’s goals of keeping global temperature increases to 1.5 degrees Celsius, it needs to pursue growth beyond gas more aggressively, according to the report.

Seeking Alpha contributor Portfolio Navigator says the focus of Shell’s management on rapidly growing the dividend is “a boon for investors.”

read more

The CEO of Shell shitting out of his mouth

THE AD SHELL WOULD NEVER MAKE

In Joe Lycett Vs The Oil Giant – airing Sunday 24 October at 9pm on Channel 4, and on All4 – you can see his new film on the subject, ahead of COP26, the 26th United Nations Climate Change Conference. Joe will be focusing his efforts on energy giant Shell, their marketing, and their continued exploration for new oil reserves.