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Oil Company Positions on the Reality and Risk of Climate Change

Even the oil companies recognize that climate change is real and so are the risks involved.

BP
BP website
Climate Change
“BP believes that climate change is an important long-term issue that justifies global action.”

Climate change adaptation
“Where climate change impacts are identified as a risk for a new project, our engineers seek to address them in the project design like any other physical and ecological hazard…. We have guidance for existing operations and projects on how to assess potential risks and impacts from a changing climate to enable mitigation steps to be incorporated into project planning, design and operations.”

CHEVRON
Chevron website
Climate Change
“[W]e recognize and share the concerns of governments and the public about climate change. There is a widespread view that the increase in atmospheric greenhouse gases (GHGs) is a contributor to climate change, with adverse effects on the environment.”

Policy Principles for Addressing Climate Change
“The responsibility of controlling greenhouse gas (GHG) emissions must be shared equitably by the top emitting countries of the world through long-term and coordinated national frameworks.”

CONOCOPHILLIPS
ConocoPhillips website
Climate Change
“We recognize that human activity, including the burning of fossil fuels, is contributing to increased concentrations of greenhouse gas (GHG) in the atmosphere that can lead to adverse changes in global climate.”

Quote in news report
No doubt about the need to act on climate change. FuelFix. 15 May 2013.
CEO Ryan Lance said at a shareholder meeting: “As a company we recognize the impact that humans are having on the environment and that CO2 is having an impact on what’s happening in the climate.”

EXXON/MOBIL
ExxonMobil website
Global climate change. Stabilization: a global challenge
“There is growing recognition that addressing the risk of climate change will require significant efforts by both the developed and the developing world.”

ExxonMobil Releases Reports to Shareholders on Managing Climate Risk
Press release
31 Mar 2014.
“The risk of climate change is clear and the risk warrants action.” William Colton, ExxonMobil’s vice president of corporate strategic planning.

ExxonMobil’s response to the Carbon Disclosure Project on Managing Climate Risk 2013

ExxonMobil’s views and principles on policies to manage long-term risks from climate change
On carbon tax: “If policymakers do move to impose a cost on carbon, we believe that a carbon tax would be a more effective policy option to reduce greenhouse-gas emissions than alternatives such as cap-and-trade. And to ensure revenues raised from such a tax are indeed directed to investment, and to assist those on lower incomes who spend a higher proportion of their income on energy, a carbon tax should be offset by tax reductions in other areas to become revenue neutral for government. It is rare that a business lends its support to new taxes. But in this case, given the risk-management challenges we face and the policy alternatives under consideration, it is our judgment that a carbon tax is a preferred course of public policy action versus cap and trade approaches.”

Managing Climate Risks
31 March 2014. Ken Cohen, public relations, Exxon/Mobil.
We know enough based on the research and science that the risk is real and appropriate steps should be taken to address that risk.”

News reports on ExxonMobil
Exxon Mobil Acknowledges Climate Change Risk To Business For First Time
1 April 2014. Meagan Clark. International Business Times.
"ExxonMobil takes the risk of climate change seriously, and continues to take meaningful steps to help address the risk and to ensure our facilities, operations and investments are managed with this risk in mind," the company said in the report.

“The Risk of Climate Change Is Clear," Exxon Says
1 April 2014. Brian Merchant. Motherboard-Vice.
“The risk of climate change is clear and the risk warrants action.” William Colton, a vice president, ExxonMobil.


SHELL
Shell website and reports
Climate Change
“CO2 emissions must be reduced to avoid serious climate change. To manage CO2, governments and industry must work together. Government action is needed and we support an international framework that puts a price on CO2, encouraging the use of all CO2-reducing technologies.”

Shell’s response to the Carbon Disclosure Project on Managing Climate Risk 2013
“Climate change related risks and opportunities are fully integrated into” risk management processes.

Shell's chief political analyst
On climate change Republicans are even more backward than oil companies
Khong called a temperature increase of 2 degrees Celsius “the flu,” leading to heat waves, sea-level rise, and 10 to 20 percent less arable land. “But the worst effects are beyond that limit, when you start to see feedback loops,” he warned. “I think it would be foolish to dispute the science [of climate change].”

News reports on Shell and climate change
Shell Says It's Considering Climate Change Risks And Trying To Reduce Flaring In Nigeria
28 May 2014. International Business Times.
“We consider climate and price risk in our decision-making.” Shell’s Chairman Jorma Ollila.

Shell says fossil fuel reserves won't be 'stranded' by climate regulation
19 May 2014. Reuters.
“Shell said it believes that climate change will continue to rise up the public and political agenda. . . . While much of the world has yet to put a price on greenhouse gas emissions, Shell said it employs a cost of $40 per tonne of CO2 when calculating the financial viability of its project.”

In Signing Climate Statement, Shell Charts Different Course on Global Warming
10 April 2014. Mashable.
Shell … decided to join more than 70 other companies, including Adidas and Unilever, by signing onto a non-binding document known as the “Trillion Tonne Communiqué.”… In signing the communiqué, Shell endorsed the idea of limiting cumulative greenhouse gas emissions to less than 1 trillion tonnes of carbon since the start of the industrial era, as recommended by the U.N. Intergovernmental Panel on Climate Change (IPCC)

Shell admits climate policy threat to profits
14 March 2014. Business Green.
Oil major's 2013 Strategic Report highlights that the company will face project delays and higher costs unless it can reduce emissions.

RESPONSES TO OIL COMPANIES' RISK ASSESSMENT
Oil Majors Need To Boost Leadership On Climate Change
29 May 2014. Mindy Lubber. Forbes.
“Like its peers ExxonMobil and Statoil, which have also responded publicly to the request, Shell says it views climate change as a serious issue, and that the company invests in carbon-reducing technologies and incorporates a carbon price in business planning. And, like Statoil, Shell calls the current international goal to limit global warming to below two degrees Celsius ‘desirable.’”

ExxonMobil’s Climate Risks Report Should Embolden Policymakers
8 April 2014. Mike Scott. Forbes.
Exxon has accepted that runaway climate change is going to happen if it exploits all its current fossil fuel reserves and more – and it’s OK with that.

Exxon Mobil's response to climate change is consummate arrogance
3 April 2014 .Bill McKibben. Guardian.
As scientists laid bare the impacts of climate change, the oil and gas giant said climate policies are highly unlikely to stop it digging up fossil fuels. So what are we going to do about it?


by Barnhill, David L last modified Jul 26, 2014 07:09 AM
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