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Renewable Company's Stock Market Value Overtakes Exxon

Read time: 3 mins
solar

By Kieran Cooke for Climate News Network

Everyone has heard of ExxonMobil, one of the world’s biggest companies exploiting fossil fuels and a common target for those battling global warming and catastrophic climate change. But does the name NextEra Energy ring any bells?

In terms of stock market value, the Florida-based company – which describes itself as the world’s largest producer of wind and solar energy – has surpassed the size of ExxonMobil.

Ban Advertising of Polluting SUVs – Report

Read time: 4 mins

By Paul Brown at Climate News Network 

Increasing sales of more fuel-hungry and bigger cars are putting vital climate goals out of reach and causing many more deaths from pollution.

Although the trend to larger vehicles is most marked in the United Kingdom, it is a global problem and one of the leading causes of increased carbon dioxide emissions, more damaging than both aviation and heavy industry. It also adds to poor air quality, which kills up to half a million people a year in Europe, and many more elsewhere.

Comment: It's Unacceptable that Gas Firms are Helping Pick Which Projects the EU Approves

Read time: 3 mins

By Dominic Kavakeb, Senior Communications Adviser at Global Witness

There has been much talk in recent weeks of a green recovery from the COVID-19 pandemic and the opportunity to rebuild our economies in a way that protects the climate. But without significant reforms, there is no way the EU will be able to deliver on its bold promises.

At the heart of EU energy policy is a remarkable conflict of interest that is tying the region into gas infrastructure and holding it back from meeting its climate commitments, while steering taxpayer money to subsidise harmful and unnecessary gas projects.

Even ‘Climate Progressive’ Nations Failing to Meet Paris Targets – Research

Read time: 3 mins

By Alex Kirby for Climate News Network

Nations which pride themselves on their zeal in tackling climate change by cutting carbon dioxide emissions as they have promised, the so-called “climate progressives”, are a long way from living up to their promises, scientists say.

They say the annual rate that emissions are expected to be cut is less than half of that needed, and suggest the UK should reduce them by 10 percent each year, starting this year. It also needs to achieve a fully zero-carbon energy system by around 2035, they say, not 2050 as UK law requires.

BP Downgrades Value of Own Assets by Billions With Eye on Post-COVID Low-Carbon Future

Read time: 3 mins

By Kieran Cooke for Climate News Network

This week, BP, one of the so-called super oil majors, said it was writing down or reducing the value of its assets by between US$13 billion (£10.35 billion) and US$17.5 billion (£14 billion). BP’s shares fell by 5.4 percent after the news was announced, making it one of the biggest fallers on the FTSE 100 share index.

For several years climate scientists and others have been saying that fossil fuels must be left untapped in order to tackle the dangers posed by climate change: such resources, described as “stranded assets”, should not be included in the fossil fuel companies’ balance sheets.

Comment: The European Central Bank Has the Chance to Build Back Better, It Must Stop Financing Fossil Fuels

Read time: 4 mins
European Union flag, Credit: PXFUEL

By Leyla Larbi, Senior Campaigner for SumOfUs France. 

Nobody's sure what the future will look like once the coronavirus pandemic ends – but we do know that fossil fuels have no place in it. Unfortunately, that doesn’t seem to be a position the European Central Bank (ECB) agrees with.

Last week, the ECB announced a €600 billion increase to its bond-buying stimulus package, making a total of €1.7 trillion available to boost economies in the wake of Covid-19. With the right terms in place, this money could trigger a green industrial revolution that resets our economies on a path towards sustainable growth, and wean our industries off the fossil fuels that are driving us towards climate disaster. 

Comment: Relying on Carbon Offsets in 'Green Bailouts' Lets Polluting Airlines Off the Hook

Read time: 4 mins

By Ben Christopher Howard for The Conversation

The coronavirus pandemic has grounded thousands of aircraft, contributing to the largest-ever annual fall in carbon dioxide emissions. At some point though, the planes will soar again and with them, global emissions.

Most airlines in the UK have committed to achieving net zero carbon emissions by 2050. From 2026, it will become mandatory for airlines worldwide to ensure that their annual emissions stay flat. But the UK aviation industry also plans to increase the number of passengers it serves by 70% in the next three decades.

Comment: Fossil Fuels are Heading Down but Not Yet Out

Read time: 4 mins
Wind turbines

By Kieran Cooke for Climate News Network

At a casual glance, you could be forgiven for thinking that fossil fuels are here to stay for a long time yet, although not everything on the horizon is rosy.

The world, admittedly, is awash with surplus oil. The use of coal is in sharp decline. The price of gas – in recent years the fuel of choice for an increasing number of power plants around the globe – is falling.

The fossil fuel industry – the main driver behind the growing climate crisis – is undoubtedly going through one of its worst times in decades.

Comment: Airline Bailouts Must Include Tough Emissions Goals

Read time: 5 mins
Commercial Airline

By Brian O'Callaghan and Cameron Hepburn for The Conversation

For airlines, the reckoning is no longer far away on the horizon. It’s now a jumbo jet meters from the runway, landing gear down. Without a sizeable external cash injection, many international airlines will follow Virgin Australia into insolvency within months, if not weeks. 

Should governments bail airlines out? And if so, should any conditions be imposed, particularly in a world that requires rapid progress to net-zero emissions

Fossil Fuel Firms Linked to Trump Get Millions in Coronavirus Small Business Aid

Read time: 6 mins
GOP rally with sign reading 'Trump digs coal'

By Emily Holden, The Guardian. This story was originally published by The Guardian, and is republished here as part of the Covering Climate Now partnership to strengthen the media's focus on the climate crisis.

U.S. fossil fuel companies have taken at least $50 million in taxpayer money they probably won’t have to pay back, according to a review of coronavirus aid meant for struggling small businesses by the investigative research group Documented and the Guardian.

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