Fossil Fuel Giants to Lavish Shareholders With Record Paydays as Climate Crisis Deepens

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Original article by JULIA CONLEY republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Greenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London.  (Photo: Handout/Chris J. Ratcliffe for Greenpeace via Getty Images)

“The global energy crisis has been a giant cash grab for fossil fuel firms,” said one campaigner. “And instead of investing their record profits in clean energy, these companies are doubling down on oil, gas, and shareholder payouts.”

The year 2023 was marked by weather events that made it increasingly clear that the Earth has entered what United Nations Secretary General António Guterres called the “era of global boiling,” with wildfires and prolonged heatwaves impacting millions of people and scientists confirming their suffering was the direct result of fossil fuel extraction and planetary heating.

But for the world’s five largest oil giants, the year marked record profits and the approval of several major new fossil fuel projects, allowing the companies to lavish their shareholders with payouts that are expected to exceed $100 billion—signaling that executives have little anxiety that demand for their products will fall, said one economist.

The companies—BP, Shell, Chevron,ExxonMobil, and TotalEnergies—spent $104 billion on shareholder payouts in 2022, and are expected to reward investors with even more in buybacks and dividends for 2023, The Guardian reported.

Shell announced plans in November to pay investors at least $23 billion—more than six times the amount it planned to spend on renewable energy projects—while BP promised shareholders a 10% raise in dividends and Chevron could exceed the $75 billion stock buyback it announced early last year.

Alice Harrison, a campaigner for Global Witness, noted that fossil fuel shareholders will be enjoying their paydays as households across Europe struggle with fuel poverty and the world faces the rising threat of climate disasters brought on by the industry.

“The global energy crisis has been a giant cash grab for fossil fuel firms,” Harrison told The Guardian. “And instead of investing their record profits in clean energy, these companies are doubling down on oil, gas, and shareholder payouts. Yet again millions of families won’t be able to afford to heat their homes this winter, and countries around the world will continue to suffer the extreme weather events of climate collapse. This is the fossil fuel economy, and it’s rigged in favor of the rich.”

In 2023 campaigners intensified their demands for accountability from the oil, gas, and coal industries, and as of last month had successfully pressured more than 1,600 universities, pension funds, and other institutions to divest from fossil fuels. In the U.S., provisions in the Inflation Reduction Act, which has been touted as the “largest investment in climate and energy in American history,” went into effect.

But Dieter Helm, a professor of economic policy at the University of Oxford, The Guardian that if the industry were truly fearful of policymakers phasing out fossil fuel extraction and expediting a transition to renewable sources, they would be spending far less on new projects and shareholder payouts.

“For this to be the case you would have to believe that the energy transition is happening, and that demand for fossil fuels is going to fall,” Helm told The Guardian.

In 2023, U.S. President Joe Biden infuriated climate campaigners by approving the Willow oil drilling project in Alaska, which could lead to roughly 280 million metric tons of heat-trapping carbon dioxide emissions. His administration also included in a debt limit deal language that would expedite the approval of the Mountain Valley Pipeline, which could emit the equivalent of more than 89 million metric tons of carbon dioxide, while the U.K. government greenlit a massive oil drilling field in the North Sea and French company TotalEnergies continued to construct the 900-mile-long East African Crude Oil Pipeline, which would transport up to 230,000 barrels of crude oil per day.

“These companies are investing a huge amount in new projects, and they’re handing out bigger dividends because they are confident that they’re going to make big returns,” Helm said. “And when we look at the state of our current climate progress, who’s to say they’re wrong?”

Climate campaigner Vanessa Nakate pointed out that the shareholder paydays are expected following a deal on a loss and damage fund at the 28th annual United Nations Climate Change Conference, aimed at helping developing countries to fight the climate emergency. That fund was hailed as “historic” and included a commitment of $700 million from wealthy countries—a sum that is expected to be dwarfed by fossil fuel investors’ profits.

“They have picked people’s pockets, fueled inflation and pollution, and deepened poverty,” U.K. House of Lords member and Tax Justice Network co-founder Prem Sikka said of the oil giants. “Governments do nothing to end their monopolistic control. Need to break-up this cartel.”

Original article by JULIA CONLEY republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingFossil Fuel Giants to Lavish Shareholders With Record Paydays as Climate Crisis Deepens

What does it mean to be a climate denier?

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In the ‘coming soon’ notice announcing this article I said that “[t]here aren’t any real climate deniers anymore”. I was mistaken and there are a very few people like Jeremy Corbyn’s brother Piers Corbyn. I’ve only met and spoken with him once but I’m satisfied that he’s genuine in his beliefs despite them being misguided. He and others like him have the right to believe whatever they like and he’s harmless enough – while he may persuade a few people the vast majority will understand that he’s mistaken and wrong.

Image of UK Prime Minister Rishi Sunak reads 1% RICHEST 100% CLIMATE DENIER
Image of UK Prime Minister Rishi Sunak reads 1% RICHEST 100% CLIMATE DENIER

So apart from Piers Corbyn and a few similar people, there is no such thing as a climate denier nowadays. The Capitalists profiting from climate destruction have known for 60 years of more that they were profiting from destroying the planet and were forcing future generations to endure intolerable climate conditions, annihilating many thousands of species of plants and animals and generally totally fekking everything.

Governments are controlled, directed, owned by a very few extremely rich and powerful people, the very people that are profiting and maintaining their wealth, power and influence from destroying the planet. According to this perspective we do not exist in a democracy and it is instead a pretence hiding the influence of the rich and powerful. We exist in a plutocracy – we have a wealthy ruling class that politicians serve.

It cannot be accepted that politicians like UK’s Prime Minister Rishi Sunak or our expected next Prime Minister Keir Starmer and the like are mistaken true believers like Piers Corbyn believes. Rather they are climate deniers in the sense of the fossil fuel industries – Exxon, Shell and BP – who know fully well that they are destroying the planet but deceive and mislead to continue making a filthy profit. It’s obvious to see that these politician cnuts serve this rich elite’s interests – Tory and Labour UK governments have answered to media tycoon Rupert Murdoch, sucking up to him, grateful to accept his orders.

Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil's You May Find Yourself... art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.
Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil’s You May Find Yourself… art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.

Sunak, despite being fully aware of the climate crisis is continuing to destroy the planet. Announcing the go-ahead for the Rosebank oil field he said that he intends to get every last drop of North Sea oil.

All the media companies attacking climate activists – GB News, the Mail, Express, etc – represent filthy rich interests profiting from climate destruction.

Continue ReadingWhat does it mean to be a climate denier?

Tribes Sue Six Oil Giants for Climate Deception

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Original article by JULIA CONLEY republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

A Chevron refinery in Richmond, California is seen on September 12, 2017.  (Photo: Michael Macor/The San Francisco Chronicle via Getty Images)

“These oil companies knew their products were dangerous, yet they did nothing to mitigate those dangers or warn any of us about them, for decades,” said the chairwoman of the Shoalwater Bay Indian Tribe.

Two Indigenous tribes in Washington state said Wednesday that they intend to force several oil giants “to help pay for the high costs of surviving the catastrophe caused by the climate crisis,” as they filed lawsuits in the state’s largest trial court.

The Makah Indian Tribe and Shoalwater Bay Indian Tribe filed two separate complaints in King County Superior Court against ExxonMobil, Shell, Chevron, BP, ConocoPhillips, and Phillips 66, saying the defendants must be held “accountable for their deceptive and unfair conduct, and pay for the damage their deceptive conduct has caused and will cause for decades to come.”

The lawsuits—among dozens filed against Big Oil since 2017—detail the extent to which the companies have long known that their fossil fuel extraction would drive planetary heating and the resulting sea-level rise, extreme weather, public health crises, and other impacts of the climate crisis, which now costs the U.S. roughly $150 billion per year just in damages from hurricanes and other weather disasters.

“We are seeing the effects of the climate crisis on our people, our land, and our resources. The costs and consequences to us are overwhelming,” said Timothy Greene Sr., chairman of the Makah Tribal Council. “We intend to hold these companies accountable for hiding the truth about climate change and the effects of burning fossil fuels.”

“We are facing hundreds of millions of dollars in costs to relocate our community to higher ground and protect our people, our property, and our heritage. These companies need to be held accountable for that.”

Newly uncovered documents revealed earlier this year that scientists at Shell warned executives of the climate impact of the company’s products in the 1980s, and an analysis published in Science in January showed that 63-83% of the global warming projections documented by Exxon scientists between 1977 and 2003 were accurate.

“These oil companies knew their products were dangerous, yet they did nothing to mitigate those dangers or warn any of us about them, for decades,” said Charlene Nelson, chairwoman of the Shoalwater Bay tribe. “Now we are facing hundreds of millions of dollars in costs to relocate our community to higher ground and protect our people, our property, and our heritage. These companies need to be held accountable for that.”

The tribes said in their complaints that they are “particularly vulnerable” to rising sea levels because their reservations are adjacent to the Pacific Ocean, and they have already incurred “significant costs” as they try to mitigate its risk by preparing to build and move housing and government buildings to higher ground.

The tribes accused the companies of creating a “public nuisance” and violating Washington’s Products Liability Act by misrepresenting and intentionally concealing the risks involved in their fossil fuel extraction activities. They asked the court for jury trials and requested that the court order the companies to fund “an abatement fund to be managed by the tribe[s] to remediate and adapt [their] Reservation lands, natural resources, and infrastructure.”

Original article by JULIA CONLEY republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Continue ReadingTribes Sue Six Oil Giants for Climate Deception

Give Climate Change the Name It Deserves: Fossil-Fueled Destruction

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Original article by Mark Shapiro, Capital & Main republished from DeSmog.

“Climate Crisis” only identifies the symptoms of oil and gas dependence. As time runs out, we need a term that focuses on what — and who — is to blame.

A delegation of youth activists from the Middle East and North Africa, sponsored by Greenpeace, protested at COP28 for an end to fossil fuel use.Credit: © Marie Jacquemin / Greenpeace

This article by Capital & Main is published here as part of the global journalism collaboration Covering Climate Now.

There’s always a lag between a rupture of the status quo and settling on a word for it. The planet is heating at a life-threatening pace. And yet the two words we use to describe this rupture — “climate” and “change” — are beginning to seem too stiff and one-dimensional for conveying the violence to life-sustaining ecosystems that threaten the world as we have known it. 

As delegates from 196 countries attempt, for the 28th time, to reach a global agreement to reduce greenhouse gases, it is time for a new language. The violence of the atmospheric shifts, their deeply uneven impacts and the implications of mass extinctions that are expected at current emission levels, add up to much more than “climate change.” The 28th United Nations Conference of the Parties (COP28) in the United Arab Emirates is being held in a region much of which could, according to current climate modeling, be uninhabitable by mid-century. It is time to more sharply focus the attention on those responsible for the violence of the changes underway.

Linguistic theory holds that words enable us to imagine a thing; it’s the words that come first. First there was the “greenhouse effect” — a phenomenon identified as early as 1856 by a largely unheralded woman scientist, Eunice Foote, who reported at the time that glass jars filled with air laced with carbon dioxide heated up much quicker than air without it. More than a century later, at a 1988 congressional hearing, James Hansen, then director of NASA’s Institute for Space Studies, would testify about the links between rising temperatures on Earth and rising CO2 levels in the atmosphere, and point the finger at those responsible: humans. The term “global warming” stuck. Over the 170 years since Foote’s discovery, the concentration of CO2 in the atmosphere has leapt from 290 parts per million to more than 400 ppm today.

By the early 21st century, the effects of all that extra CO2 began to be widely felt. Scientists came to recognize that “warming” sets off a cascade of changes — from shifts in rainfall patterns to volatile swings between rain and drought, and heat and cold, as well as major disruptions to the flow of ocean currents. “Climate change” seemed to encompass more possibilities for derangements of the global ecosystem. And that term is rapidly being outrun by the speed of the changes. 

“Climate emergency” was chosen as the Oxford English Dictionary’s “Word of the Year’’ in 2019. That was two years after the Guardian led the world’s newspapers in adopting the term “climate crisis,” to be used interchangeably with “emergency.” The Guardian was far ahead of the curve in evoking the urgency of reporting on the scale of disruptions triggered by greenhouse gases. That tonal change drove home the point that this was not merely a phenomenon to be described, but a tectonic shift demanding ongoing reporting. Nothing, however, can stay ahead of the curve for long; soon enough the curve curves. It’s time for journalists, and everyone else, to consider some additional words and subordinate clauses that evoke the violence of the changes in the present, and identify those accountable for the upending of the status quo now underway in full throttle.

We are living in the climate warp. Yet it is admittedly difficult to clarify in a word or a phrase the vast scope of impacts, which range from the epic to the highly specific. Climate-induced drought was one of the triggers to the Syrian civil war and also fuels the current battle between California and its neighbors over access to the Colorado River. It is helping drive the decimation of farmer livelihoods that is leading to the crush of new immigrants on America’s and Europe’s borders. It contributed to the record-breaking heat that caused the untimely death of a Taylor Swift fan in Rio de Janeiro. Such conflicts and record-breakers are happening hourly somewhere in the world. 

“Climate change” describes only the result of fossil fuel-based greenhouse gases. A term like “fossil fueled-destruction” would name the cause as well as the effect. 

There are two tools now available to journalists to more clearly show who can be held accountable for the devastating impacts of the changing climate. Major advances in the attribution sciences provide ever-more sensitive understanding of how the overheated atmosphere is disrupting conditions here on Earth. And, critically, ever more precise research into the history of greenhouse gas emissions establishes who can be held accountable.

During this last season of record-breaking summer and fall temperatures, one meteorologist suggested naming the heat waves after those responsible, as in, the “Amoco heatwave,” or the “Exxon hurricane” or the “Chevron drought.” While droughts have been in California’s backbeat for as long as there are historical records, Chevron’s global emissions of some 725 million tons of greenhouse gases including CO2 in 2022 directly contribute to their increasing breadth and duration, as they do to increasing water scarcity pressures in other parts of the world. (The company’s “offsets” of those emissions were found recently to be “mostly junk.”)

We know who is responsible for the overwhelming share of greenhouse gas emissions, and thus for the massive chaos being wrought. They are not hidden behind tax shelters or front companies. They are polluting in plain sight. A new language might incorporate that knowledge: At least one of the 90 companies responsible for practically all greenhouse gas emissions since 1850 is operating a refinery near you, or distributing its greenhouse gas emitting products at a gas station, seaport or airport in the neighborhood.

Cognitive Dissonance Ahead

We consumers also bear some responsibility; we’ve been driving around in those gas-powered cars since James Hansen delivered the news 25 years ago. But we’ve also been driving through a fog of disinformation. The fossil fuel industry hid for decades what it knew about the impacts of its products. Those “deceptions,” California alleges in a historic lawsuit against the top five oil companies in the state, “caused a delayed societal response to global warming. And their misconduct has resulted in tremendous costs to people, property, and natural resources, which continue to unfold each day.” 

A recent study of the four largest U.S. and European oil companies (ExxonMobil and Chevron, BP and Shell) in the science journal PLOS One found a widening gap between what they say they are doing in response to the climate crisis and what they continue to do to cause it. The study concludes with a classic of scientific understatement: “[T]he magnitude of investments and actions does not match the discourse.” In the climate lexicon, it is hard to beat the term “greenwashing,” which is no doubt on abundant display in Dubai. But that study and countless others like it are a warning shot for journalists and the public to cast a wary eye on fossil fuel companies’ claim that they are working towards the “energy transition” away from the old dinosaur bones they’ve been mining that are polluting the world. 

While COP28 in Dubai is awash in fossil fuel lobbyists, it has also established the world’s first “loss and damage” fund, and will likely be coming up with some actual money to assist the 90% of the world’s population that did not produce the greenhouse gas emissions but are suffering their consequences. A new word may also soon enter the popular lexicon, if it’s not there already: “incremental.” Which may not be revolutionary, but also has real impacts. Every incremental reduction in greenhouse gases, or incremental increase in funding, could mean the difference between a coastal community being inundated or not, of another year saved from a 10th of a degree Celsius increase, of another year spent on a sub-Saharan grassland before it turns to desert. Such increments are the new climate currency.

And for those of us in the fortunate climes, it means more fall seasons that feel like spring, more 65 Fahrenheit winters that should no longer be termed “unseasonably warm.” The writer Stevie Chedid calls it “warning weather.” A disquieting warning in the humid warming air.

Original article by Mark Shapiro, Capital & Main republished from DeSmog.

Continue ReadingGive Climate Change the Name It Deserves: Fossil-Fueled Destruction