A new investigation into Chevron’s climate pledge has found the fossil-fuel company relies on “junk” carbon offsets and “unviable” technologies, which do little to offset its vast greenhouse gas emissions and in some cases may actually be causing communities harm.
Woohoo! Two of the biggest tax cheats, ExxonMobil and Chevron (auditors for both are PwC) have finally begun to pay a mite of income tax in Australia but they also ripped out more than $13bn in dividends and returns of capital last year. Michael West reports their latest financials.
In 1991, senior ice researcher Ken Croasdale of Exxon’s Canadian subsidiary told an engineering conference that “any major development with a lifespan of say 30-40 years will need to assess the impacts of potential global warming.” This was particularly pertinent “of Arctic and offshore projects in Canada, where warming will clearly affect sea ice, icebergs, permafrost and sea levels.” Not wishing to bite the hand feeding him, Croasdale brightly considered the benefit a warming planet might have for company operations in the Beaufort Sea: “potential global warming can only help lower exploration and development costs.” This is no longer the case: the investors and funds are in revolt and such large oil companies are counting a different set of costs.
Source: The Insurgency Against Big Oil – » The Australian Independent Media Network
olddogthoughts 