1) Three developments rocked the oil industry last week. First, a court in the Netherlands obligated Royal Dutch Shell to reduce its greenhouse gas emissions by 45%. Second, Exxon Mobil shareholders elected two activist board members expected to press the company on its climate impact. And third, Chevron’s shareholders voted that the company should reduce “scope 3” greenhouse gas emissions. This signals an era of increasing climate accountability for the oil industry.
2) Canada's five biggest pension funds increased their holdings in Alberta’s oil sands reversing a recent trend and undermining the Funds’ climate-friendly promises. Their investment in Canada's top four oil sands producers have more than doubled in the last year.
3) Suncor, Canada’s second-largest oil producer, plans to cut its emissions by more than one-third by 2030, the most aggressive target of any oil sands producer, even as it lifts production to a new high. The company says it will achieve this by using cleaner electricity and through carbon-capture and storage.
4) The World Meteorological Organization says the Earth could temporarily push past the temperature limit identified in the Paris climate agreement in the next 5 years and that it is very likely we will set yet another hottest-year record in the next 4 years.
5) The oil-producing country of Oman announced plans to build the world’s largest green hydrogen plant, which when fully complete in 2038, will produce 1.8m tonnes of hydrogen.
Listen to the full segment, and plenty of other great content, in today's new episode of Smart Prosperity: The Podcast. Our podcast provides fresh takes on the current affairs, politics, research and business of the clean economy. New episodes posted every two weeks.