From MrPostingRobot@kymhorsell.com@21:1/5 to All on Thu Jun 3 05:15:17 2021
*Wall Street's `monumental' skirmish with Exxon
Robinson Meyer, The Atlantic via Carbon Brief
The coverage of Shell's defeat in court last week and the placement of
two activist investors on Exxon's board of directors continues, with journalists reflecting on what the 2 events mean for the fossil fuel
industry. Robinson Meyer writes for the Atlantic about how, despite
controlling just 0.02% of Exxon, activist hedge fund Engine No. 1
succeeded in placing 2 investors on the oil company's board of
directors. He notes that to achieve this they won the support of large state-pension funds "that try to act in the best interest of the
entire market" and newer financial firms, such as State Street and
BlackRock. "Working together, these funds brought Exxon to heel,"
Meyer concludes: "Last week, Exxon's shareholders - that is, the
owners of capital - acted to rein in Exxon's managers and
insiders. Capital has apparently been recruited into the fight against
climate change; Wall Street is, à la Mothra versus Godzilla, battling
Big Oil. If that's surprising, it shows how tangled the politics of decarbonisation has become".
A piece by columnist Thomas Friedman in the New York Times also
considers events at Exxon, writing that the "petroleum age will end
because we invent superior technology that coexists harmoniously with
nature", while leaving plenty of oil still in the ground. "Alas,
though, not every oil company got the memo," he writes. In light of
the shareholder revolt during what Friedman describes as "one of the
most consequential weeks in the history of the oil and gas industry
and shareholder capitalism", he notes that Engine No. 1 "are out to
strengthen Exxon, not destroy it. They view it as one of the world's
greatest collections of scientific and engineering talent." He says
that while the activists appreciate Exxon's plans for a carbon-capture facility, they also think it needs to invest in a more diversified
energy sources "while it still has an income stream from oil and
gas". By contrast, Wall Street Journal editorial board member and
climate sceptic Holman W Jenkins, Jr describes what happened at Exxon
as a "pseudo-event" that has been overhyped as a climate
victory. Jenkins argues that asking oil companies to "voluntarily
refrain from producing a legal product for which there is huge and
inelastic demand" is "absurd", as is proposing Exxon switch to wind
and solar, "in which it has no expertise or advantage".
In the Conversation, Prof Arthur Petersen, a professor of science,
technology and public policy at University College London, writes that
the order by Dutch judges that Shell must implement stringent carbon
dioxide emissions cuts within the next few years "could have far
reaching consequences". He continues: "The question arises as to
whether any company anywhere in the world can be ordered by Dutch
judges to reduce their emissions". Petersen notes that "legally there
is nothing fundamentally new happening here" and adds that "more of
these cases may follow, in the Netherlands and elsewhere, and the
strength of the legal logic will definitely put additional pressures
on politicians and businesses to organise for a more rapid low-carbon transition". In the Guardian, Tessa Khan, an international human
rights lawyer working on climate change litigation, writes that
Shell's loss is a "turning point in the fight against big oil". "The
door to real corporate accountability for the climate crisis is
finally wide open," she writes.
Indonesia calls off mission to salvage sunken submarine and retrieve sailors' bodies
ABC News, 02 Jun 2021 14:19Z
Indonesia calls off its bid to salvage a military submarine that sank off
the coast of Bali, killing all 53 crew aboard, describing the operation
as "very risky".
Covid origins mystery continues to spark speculation and tension
FRANCE 24, 02 Jun 2021 13:14Z
Paris (AFP). The coronavirus SARS-CoV-2 has scorched its way across the
world killing mns and bringing economies to a standstill. But where
exactly did it ...
1st matter in the universe may have been a perfect liquid
Livescience.com, 02 Jun 2021 11:12Z
Scientists have recreated the first matter that appeared after the Big Bang
in the Large Hadron Collider.
Herd of wild elephants approaching major Chinese city
CBS News, 02 Jun 2021 12:11Z
Beijing. A herd of 15 wild elephants that walked 300 miles from a nature reserve in China's mountain southwest were approaching the major city of Kunming ...
Lost, 'drunk' and hungry: Chinese residents stunned as elephants rampage
through farms and towns
ABC News, 02 Jun 2021 17:45Z
Surveillance cameras in villages show the herd of 15 elephants strolling
down roads, feasting on trees and even rummaging through an alcohol factory.
Pentagon's UFO report exposes split in US Dept of Defense, claims UFO investigator
Daily Express, 02 Jun 2021 15:04Z
PENTAGON'S looming report on UFO phenomena has exposed a rift between the US military and the country's intelligence agencies ...
One of Australia's biggest live export companies goes into administration
ABC Rural, 02 Jun 2021 07:14Z
North Australian Cattle Company, which was founded in 1980, is in financial strife in a sign of how much pressure the industry is under.
Photo reveals 'catastrophic' damage to Callide Power Station that blacked
ABC News, 02 Jun 2021 10:11Z
A 300-kilogram piece of shrapnel is removed from the roof of the Callide
Power Station in central Queensland after a recent explosion that blacked
out more than 470,000 homes and business across the state.
[Invalid Self Reference!]
Revolutionary Self-Aware Materials Build the Foundation for Living Structures SciTechDaily, 02 Jun 2021 04:22Z
New research in Nano Energy introduces revolutionary scalable material that senses and powers itself. From the biggest bridges to the smallest medical ...
Iran's largest warship catches fire, sinks in Gulf of Oman
The Associated Press, 02 Jun 2021 07:55Z
Tehran, Iran. The largest warship in the Iranian navy caught fire and later sank Wed in the Gulf of Oman under unclear circumstances, ...
Amid Historic Drought, a New Water War in the West
The New York Times, 02 Jun 2021 03:15Z
A drought crisis has erupted in the Klamath Basin along the California-
Oregon border, with fish dying en masse and farmers infuriated that they
have been cut off ...
G7 nations committing bns more to fossil fuel than green energy
The Guardian, 02 Jun 2021 05:15Z
In spite of green rhetoric, money has piled into aviation and car industries since start of pandemic, report finds.
Dodo and iPrimus fined $2.5m for misleading consumers about NBN speeds
ABC News, 02 Jun 2021 02:23Z
Dodo and iPrimus are the latest internet providers to get fined for making misleading claims about the typical speeds of their NBN broadband plans.
Relief as WA's class action over Indigenous stolen wages goes to mediation
ABC Kimberley, 02 Jun 2021 03:21Z
The state govt says a decision to move to mediation will help
acknowledge the impact of the stolen wage policy on Indigenous workers.
[Plan B: Figure out plan C].
Defence confirms it's 'contingency planning' if $90b French submarine
ABC News, 02 Jun 2021 04:20Z
The Defence Secretary says he is thinking more about alternative submarine options as tensions with the French company designing Australia's future
fleet continue to simmer.
Hundreds of NSW contacts identified after holidaying Victorian family tests positive to COVID-19
ABC News, 02 Jun 2021 04:19Z
NSW health authorities are working against the clock to determine when
COVID-19 spread between the members of a Victorian family who holidayed in
NSW more than a week ago.
Federal govt rebuffs Victorian bid for a JobKeeper-style payment
ABC News, 02 Jun 2021 04:26Z
The federal govt is open to providing further support to Victoria but
appears to have ruled out reviving the $90 bn JobKeeper wage subsidy
scheme. It's also expected to announce a purpose-built quarantine facility
on the outskirts of Melbourne.