{"id":54878,"date":"2020-09-01T06:17:12","date_gmt":"2020-09-01T11:17:12","guid":{"rendered":"https:\/\/olduvai.ca\/?p=54878"},"modified":"2020-09-01T06:17:12","modified_gmt":"2020-09-01T11:17:12","slug":"big-oils-backers-are-jumping-ship-and-thats-good-for-the-planet","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=54878","title":{"rendered":"Big Oil\u2019s Backers Are Jumping Ship \u2014 and That\u2019s Good for the Planet"},"content":{"rendered":"
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Big Oil\u2019s Backers Are Jumping Ship \u2014 and That\u2019s Good for the Planet<\/a><\/h3>\n

Investors, banks and even some oil and gas companies are breaking ranks on the future of high-emission energy.<\/strong><\/p>\n<\/div>\n<\/header>\n

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Alberta\u2019s oilsands are increasingly toxic for major investors concerned with global warming.\u00a0Photo by Kris Krug, Creative Commons licensed.<\/span><\/figcaption><\/figure>\n<\/div>\n<\/section>\n
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The oil lobby\u2019s political friends are melting away faster than an Alberta glacier. Every crack in that coalition is a foothold for a green and just recovery from the pandemic.<\/p>\n

The latest sign was ExxonMobil being\u00a0dropped from the Dow Jones Industrial Average<\/a>\u00a0on the same day that Storebrand, a major European investor,\u00a0announced<\/a>\u00a0it was blacklisting the company over its anti-climate lobbying.<\/p>\n

The Dow Jones Average is an index that tracks 30 large, publicly traded \u201cblue chip\u201d (read: financially sound) companies. Exxon and its predecessor companies had been part of the Dow Jones index since 1928, so that snub had to sting.<\/p>\n

But Storebrand\u2019s\u00a0new climate policy<\/a> is even more important.<\/p>\n

The company is a major asset manager, with US$91 billion in investments. It announced that it would divest from companies like ExxonMobil and Chevron that are actively lobbying against the Paris Agreement or climate regulations.<\/p>\n

\u201cWe are not only vulnerable to the systemic disruptions that climate change will unleash on ecosystems, societies and our own portfolio companies,\u201d said Storebrand CEO Jan Erik Saugestad. \u201cWe also have a key role to play in accelerating the de-carbonization of the global economy.\u201d<\/p>\n

Storebrand also blacklisted companies that get more than five per cent of their revenues from coal or oilsands. Major investors like\u00a0Blackrock<\/a>,\u00a0Deutsche Bank<\/a>,\u00a0HSBC<\/a>\u00a0and the\u00a0Norwegian Oil Fund<\/a>\u00a0have announced similar exclusions as they, too, reduce their exposure to fossil fuels.<\/p>\n

Yet Storebrand has consistently been about five years ahead of its peers on climate action, so expect \u201cno lobbying against climate policy\u201d to become the new norm amongst mainstream investors.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

Big Oil\u2019s Backers Are Jumping Ship \u2014 and That\u2019s Good for the Planet Investors, banks and even some oil and gas companies are breaking ranks on the future of high-emission energy. Alberta\u2019s oilsands are increasingly toxic for major investors concerned with global warming.\u00a0Photo by Kris Krug, Creative Commons licensed. The oil lobby\u2019s political friends are […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,4],"tags":[2688,113,141,30243,23884],"class_list":["post-54878","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-environment","tag-big-oil","tag-carbon-emissions","tag-climate-change","tag-keith-stewart","tag-thetyee-ca"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54878"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54878\/revisions"}],"predecessor-version":[{"id":54879,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54878\/revisions\/54879"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}