Big Oil is still Pro Oil ??? ... What a Shocker (article inside)

in #environment6 years ago

Found this and wanted to share it with you all.

Big Oil claims it's doing its part to combat climate change. A new study finds it's not even close.

Despite years of claims and commitments about clean investment and alleviating climate change, the world's largest oil companies have contributed just 1% of their spending budgets to green energy in 2018.

Companies like Royal Dutch Shell, Total, and BP, have all accelerated efforts into renewables and battery technology in recent years. But many efforts have been overshadowed by the oil industry's efforts to block or overturn environmental regulations.

CDP, an environmental research charity that works with over 650 major institutional investors with $87 trillion in assets, claim that the world's top 24 publicly-listed companies spent just 1.3 percent of total budgets of $260 billion on low carbon energy in 2018.

"This 1% figure pales in comparison with the amount of money Big Oil spends blocking climate initiatives and regulations, and invests in fossil-fuel projects that have no place in a well-below 2 degree Celsius world," Jeanne Martin at campaign group ShareAction, told Reuters.

Be wary of numbers that are forced in front of your eyes. They are there for a reason. We all need to do a better job of changing the climate but when these companies try and trick us into believing they are acting pro-socially (in a way that's good for us all) we should be a bit skeptical.

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