Many activists say the pledges do not go anywhere near far enough. Some experts have called the targets a good start and argue that lenders will need to continue working with fossil fuel giants during the energy transition. Those that are members of the United Nations-convened Net Zero Banking Alliance, which includes global banks such as JPMorgan, Deutsche Bank and HSBC, have also begun to announce specific targets for lowering their financed emissions in industries such as oil and gas by 2030. Many banks have committed to a 'Net Zero' 2050 target and several have promised to reduce their direct greenhouse gas emissions, as well as those of their clients, to keep the rise in global temperatures from pre-industrial levels below 1.5 degrees celsius. "Shareholders should vote against the directors of banks who are hiding their exposure to climate risk." "Any bank making a Net Zero promise whilst actively lobbying against necessary climate regulation – such as mandatory disclosure of borrowers' emissions and climate action plans – is greenwashing," Chris Hohn, the billionaire founder of hedge fund TCI, said in a quote provided by InfluenceMap. One well-known activist investor and climate campaigner said the behaviour amounted to "greenwashing". Shell has abandoned plans to cut oil production each year for the rest of the decade, in a shift in approach to firmly target fossil fuels and increase payouts to shareholders under its new chief. They say governments need to drastically reduce emissions to prevent climate catastrophe.These policies are designed to boost transparency around financing environmentally harmful activities including fossil fuels. Scientists have long warned that climate change, caused by greenhouse gas emissions mainly from burning fossil fuels, will make heat waves more frequent, severe and deadly. WASHINGTON The Bureau of Land Management announced today that it will resume oil and gas leasing on public lands, violating President Biden’s campaign promise to end new oil and gas leasing and locking in new extraction that thwarts his pledge to reduce greenhouse gas emissions. Certifiers rely on competing measurement technologies and differing methodologies on interpreting the data.īrad Crabtree, a Department of Energy official, met privately with companies on the issue in March and told Reuters standards are needed because the "downside of all the innovation and creativity is that it also is very chaotic." Gas producers have attempted to market certified gas at a premium for years, using third-party certifiers to prove the fuel was produced and transported in ways that minimize emissions.īut a lack of unified standards on measuring and verifying emissions across the supply chain has limited low-carbon gas markets. While gas burns cleaner than other fossil fuels, its main component is the powerful greenhouse gas methane, which can leak into the atmosphere - a top complaint from environmentalists, whose support is key as Biden ramps up his 2024 re-election campaign. "These practices should be encouraged not discouraged as efforts and momentum grow to drive down methane pollution," Hassenboehler said on Thursday.Ī Department of Energy spokesperson said the agency "is not introducing or endorsing any natural gas certification measures or standards." It is working with gas importing and exporting countries to develop an approach to measurement, monitoring, reporting and verification of emissions that "provides consistency and accountability," and aligns with the administration's plan on methane emissions, the spokesperson added. Energy Secretary Jennifer Granholm.īut Tom Hassenboehler, a lobbyist who helped form the Differentiated Gas Coordinating Council industry group, said certified gas backers adopt practices to lower emissions throughout the gas supply chain. "While we strongly support robust and well-enforced regulations to cut methane leaks from the oil and gas sector, we oppose efforts that aim to provide 'extra credit' which the gas industry uses to promote growth in the production, trade and consumption of methane gas," they wrote in a letter to U.S. Over the past decade 23 percent of oil, gas and coal production in the US came from federal public lands and waters.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |