• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
Celebrating our 1,000th edition. The climate news you need
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  FEATURED
Soaring Fertilizer Prices Could Deliver ‘Silver Lining’ For Emissions, But Farmers Struggle to Limit Use June 26, 2022
BREAKING: UN Nature Summit, the ‘Paris Conference for Biodiversity’, Moves to Montreal in December June 19, 2022
‘LET’S SUE BIG OIL’: Legal Team Launches Class Action Campaign for B.C. Municipalities June 17, 2022
‘It Could Have Been Any of Us’, Colleague Says, After Brazil Confirms Murders of Bruno Pereira, Dom Phillips June 17, 2022
Infrastructure Gap a ‘Life and Death’ Matter as Northern Canada Warms June 17, 2022
Next
Prev
Home Fossil Fuels Oil & Gas

Exxon Greets IPCC Report with $10-Billion Offshore Drilling Investment

April 10, 2022
Reading time: 3 minutes

JeepersMedia/flickr

JeepersMedia/flickr

16
SHARES
 

On the same day that the Intergovernmental Panel on Climate Change (IPCC) released its latest, alarming working group report, with UN Secretary-General António Guterres declaring it “moral and economic madness” to invest in new fossil infrastructure, ExxonMobil announced a US$10-billion final investment decision on an offshore drilling project in Guyana.

The U.S.-based colossal fossil is trying to frame the Yellowtail project in Guyanese waters as part of the “energy transition,” DeSmog reports.

“Yellowtail’s development further demonstrates the successful partnership between ExxonMobil and Guyana, and helps provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition,” said Liam Mallon, president of ExxonMobil Upstream Company. “We are working to maximize benefits for the people of Guyana and increase global supplies through safe and responsible development on an accelerated schedule.”

Except that those maximized benefits haven’t been working out so well, with Guyana losing political and economic stability as it becomes a nascent petro-state.

The disconnect between the Exxon statement and the IPCC’s deep urgency suggests “two markedly different trajectories for 2025,” and “seems all the more glaring given that ExxonMobil itself has been an active participant in the IPCC ‘since its inception in 1988’,” DeSmog writes, citing a company report. “Exxon’s announcement that it plans to continue to pour billions of dollars into nonetheless expanding fossil fuel production—not just in Guyana but around the world—sends a strong message about the direction the company plans to steer, despite the warnings flowing from the IPCC, with consequences for us all.”

The collision between the IPCC report and Exxon’s latest investment decision is part of a continuing litany of bad behaviour from a company that first understood the science of the climate emergency in 1977, but chose to spend decades sowing confusion and bankrolling climate denial groups rather than taking action. In late January, Exxon was under renewed pressure to get serious about downstream, or Scope 3, emissions that pushed its total carbon pollution to 730 million tonnes of CO2 or equivalent as recently as 2019.

“Organizations and investors are piling pressure on U.S.-based oil and gas major… after it published a progress report on its commitment to reach net-zero operational emissions by 2050,” Sustainability Magazine reported at the time. The story described the company’s critics “recoiling” from its “flimsy decarbonization strategy” through 2030.

A couple of months later, with companies entering this year’s round of annual shareholder meetings, Exxon is asking its investors to vote down a resolution calling on it to get its Scope 3 emissions under control. Company management “specifically rejects accountability for the emissions of its products by calling Scope 3 accounting methods ‘duplicative and flawed’,” writes Amsterdam-based Follow This, in an email urging responsible investors to support the Scope 3 resolution at Exxon’s annual gathering May 25.



in Carbon Levels & Measurement, Climate Denial & Greenwashing, Finance & Investment, International Agencies & Studies, Oil & Gas, South & Central America, United States

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

David/flickr
United States

U.S. Supreme Court Expected to Gut Emission Controls as Climate Scientists Petition for Plan B

June 26, 2022
580
Graco/Facebook
Food Security

Soaring Fertilizer Prices Could Deliver ‘Silver Lining’ For Emissions, But Farmers Struggle to Limit Use

June 27, 2022
116
stockvault
Health & Safety

Animal Agriculture Could Reduce Future Pandemic Risk, UK Researchers Say

June 26, 2022
73

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

David/flickr

U.S. Supreme Court Expected to Gut Emission Controls as Climate Scientists Petition for Plan B

June 26, 2022
580
Graco/Facebook

Soaring Fertilizer Prices Could Deliver ‘Silver Lining’ For Emissions, But Farmers Struggle to Limit Use

June 27, 2022
116
Konrad Summers/Kern West Oil Museum via Wikimedia Commons

Imperial Oil Backs Lithium Recovery Project in Alberta’s Leduc Oilfield

June 26, 2022
97
pxhere

Environmental Racism Bill Passes Second Reading in House of Commons

June 26, 2022
79
stockvault

Animal Agriculture Could Reduce Future Pandemic Risk, UK Researchers Say

June 26, 2022
73
Gustavo Petro Urrego/flickr

Colombia’s President-Elect Has ‘Ambitious’ Plans to Halt Amazon Deforestation

June 26, 2022
67

Recent Posts

Adam E. Moreira/wikimedia commons

Suspend Transit Fares, Not Gas Tax, Climate Advocates Urge Biden

June 26, 2022
55
moerschy / Pixabay

Pandemic Drives Up Support for Climate Action, Pessimism About Elected Leaders

June 26, 2022
27
hellomike/flickr

No Public Input as Canada Finalizes Climate Plan for Airlines

June 27, 2022
37
Heinrich-Böll-Stiftung Southeast Asia/wikimedia commons

Japan, Korea Sell Vietnam on Gas Amid Crackdown on Climate Activists

June 26, 2022
22
https://en.wikipedia.org/wiki/Wikipedia:Featured_picture_candidates/Barrow_Offshore_Wind_Farm

Global Offshore Wind Pipeline Doubles to 846 Gigawatts

June 26, 2022
38
TAFE SA TONSLEY/Flickr

U.S. Renewables Industries Scramble to Reuse, Recycle Before Waste Volumes Skyrocket

June 26, 2022
63
Next Post
Oliver Kornblihtt @midianinja / 350.org

First Person: ‘No Way to Fool Physics’ on Looming Dangers, Climate Scientist Peter Kalmus Warns

The Energy Mix

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Navigate Site

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Follow Us

No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}