This week features a series of landmark events in the global energy sector that signal a strong shift towards low carbon production. Companies like Exxon Mobil, Shell, and Chevron were all in the news. The bulletin also features an IEA roadmap to achieving net zero by 2050, a new climate-related executive order by President Biden, and your last reminder to sign up for our free upcoming conference on June 8th!
Major Exxon Mobil Vote Signals Change
Engine No. 1, a tiny environmental activism hedge fund, has won at least two seats on Exxon Mobil’s 12-member board of directors. Exxon CEO Darren Woods campaigned against the group, but investors want more action on climate from the energy giant. Read more here.
Shell Ordered to Cut Emissions
In a landmark court order, Royal Dutch Shell will be forced to cut emissions by 45% below 2019 levels by 2030, making it the first oil major to be legally required to align policies with the Paris Accord. Shell says it will appeal the decision. Read more here.
Chevron Shareholders Vote to Cut Emissions
Roughly 61% of Chevron Shareholders have voted in favour of reducing the company’s Scope 3 emissions. Scope 3 emissions are among the most difficult to reduce because they are emitted by end users of Chevron’s products. Unlike other O&G majors, Chevron has not yet set a net zero target. Read more here.
Executive Order: Climate-Related Financial Risk
President Biden has signed an executive order that will require increased disclosure of the federal government’s financial risks as they pertain to climate change. Some believe that this order is a step towards eventual mandatory disclosures by companies. Read more here.
Report: Net Zero by 2050
The International Energy Agency has released a new report that provides a roadmap for the global energy sector as it seeks to achieve net zero emissions by 2050. The report focuses on finding pathways to significantly reduce emissions while ensuring stable and affordable energy supplies. Read more here.
Suncor Targets Net Zero by 2050
Yet another major energy company has announced intentions to achieve net zero greenhouse gas emissions by 2050. Suncor also intends to cut annual emissions by 10 million tonnes (34%) by 2030 while simultaneously boosting oil production. Read more here.
Interview and Mini Conference: Taking Credit for Responsibly Produced Oil and Gas
Last week, Innovate Energy interviewed Highwood’s Jessica Shumlich and Thomas Fox about Highwood’s new report, “An Overview of Voluntary Emissions Reduction Initiatives for Responsibly Sourced Oil and Gas”. On June 8th, we will be teaming up with Petroleum Technology Alliance Canada (PTAC) and Gas Technology Institute (GTI) to deliver an interactive mini conference to explore the findings of the new report and hear from experts from across the energy sector. Click here to check out the interview, click here for the report, and click here to register for the event.