HSBC to Phase Out Fossil Financing after 99% Shareholder Landslide – The Energy Mix:

The vote to drop coal and embrace Paris represents a strong gallop toward climate action, reports Nikkei Asia. “The resolution, supported by over 99% of votes at an annual shareholders meeting…was spearheaded by a coalition of investors managing US$2.4 trillion in assets led by UK-based non-profit ShareAction.” A 75% majority was all that was needed to make the resolution binding.

HSBC to Phase Out Fossil Financing after 99% Shareholder Landslide – The Energy Mix: The vote to drop coal and embrace Paris represents a strong gallop toward climate action, reports Nikkei Asia. “The resolution, supported by over 99% of votes at an annual shareholders meeting…was spearheaded by a coalition of investors managing US$2.4 trillion in assets led by UK-based non-profit ShareAction.” A 75% majority was all that was needed to make the resolution binding.Read More

Michigan Scorches ‘Meritless’ Claims it Can’t Shut Down Line 5 – The Energy Mix: Enbridge is trying to convince Michigan court Judge Janet Neff that the case needs to be heard by a federal judge because it raises “substantial federal questions” about Gov. Gretchen Whitmer’s effort to shut down the line for fear of an environmental disaster in the Great Lakes. Nessel disagrees.

“This case is a state law action through and through,” her brief begins.

Michigan is “invoking powers that are unique to a state sovereign,” it says, and asserting claims under Michigan laws “over a strip of land that is owned by the state, located within the state, and held in trust by the state for the public benefit of its people.”

Michigan Scorches ‘Meritless’ Claims it Can’t Shut Down Line 5 – The Energy Mix: Enbridge is trying to convince Michigan court Judge Janet Neff that the case needs to be heard by a federal judge because it raises “substantial federal questions” about Gov. Gretchen Whitmer’s effort to shut down the line for fear of an environmental disaster in the Great Lakes. Nessel disagrees.“This case is a state law action through and through,” her brief begins. Michigan is “invoking powers that are unique to a state sovereign,” it says, and asserting claims under Michigan laws “over a strip of land that is owned by the state, located within the state, and held in trust by the state for the public benefit of its people.”Read More

Canada Faces Scrutiny as New Fossil Forum Raises Greenwashing Fears – The Energy Mix: The NZPF is “arguably the first international initiative bringing
together fossil fuel producers to discuss the impact of climate policy
on the production of oil and gas directly,” the groups say. But “while
this tacit recognition by major oil and gas producers that their
contribution to the climate crisis can no longer be ignored is an
interesting development, the framing of the initiative and its main
objectives raise the prospect of the NZPF being a greenwashing tool in service to the oil and gas industry’s interests.”

Which means that, “unless the NZPF members align around the need for a
managed and equitable phaseout of fossil fuel production in line with
the 1.5°C limit, this forum will only serve as a smokescreen to help
prolong the life of fossil fuels assets and ultimately make the global
climate crisis worse.”

Canada Faces Scrutiny as New Fossil Forum Raises Greenwashing Fears – The Energy Mix: The NZPF is “arguably the first international initiative bringing
together fossil fuel producers to discuss the impact of climate policy
on the production of oil and gas directly,” the groups say. But “while
this tacit recognition by major oil and gas producers that their
contribution to the climate crisis can no longer be ignored is an
interesting development, the framing of the initiative and its main
objectives raise the prospect of the NZPF being a greenwashing tool in service to the oil and gas industry’s interests.”Which means that, “unless the NZPF members align around the need for a
managed and equitable phaseout of fossil fuel production in line with
the 1.5°C limit, this forum will only serve as a smokescreen to help
prolong the life of fossil fuels assets and ultimately make the global
climate crisis worse.”Read More

Canada’s 3.3% Emissions Increase through 2019 Shows Need for ‘Stark Change in Direction’ – The Energy Mix:

“The oil and gas sector alone will cause Canada to exceed its Paris Agreement target of a 40% reduction by 2030, set by Prime Minister Trudeau at President Biden’s recent climate summit, and the net-zero by 2050 target in Bill C-12,”
the new federal climate accountability act now before a House of
Commons committee, the organizations state in their joint release.

Canada’s 3.3% Emissions Increase through 2019 Shows Need for ‘Stark Change in Direction’ – The Energy Mix: “The oil and gas sector alone will cause Canada to exceed its Paris Agreement target of a 40% reduction by 2030, set by Prime Minister Trudeau at President Biden’s recent climate summit, and the net-zero by 2050 target in Bill C-12,”
the new federal climate accountability act now before a House of
Commons committee, the organizations state in their joint release.Read More

Invest in Transition, Not Declining Alberta Fossil Sector, IISD Urges Governments – The Energy Mix:

The International Institute for Sustainable Development (IISD)
released a new study last week outlining how long-term demand for oil
will be driven down by global targets to cut carbon-related pollution
and the shift toward putting more vehicles on the road powered by
batteries and alternative fuels, The Canadian Press reports.
That means government spending should be directed away from production
of combustible hydrocarbons and focus instead on Alberta’s economic
transition and diversification, IISD says.

Invest in Transition, Not Declining Alberta Fossil Sector, IISD Urges Governments – The Energy Mix: The International Institute for Sustainable Development (IISD)
released a new study last week outlining how long-term demand for oil
will be driven down by global targets to cut carbon-related pollution
and the shift toward putting more vehicles on the road powered by
batteries and alternative fuels, The Canadian Press reports.
That means government spending should be directed away from production
of combustible hydrocarbons and focus instead on Alberta’s economic
transition and diversification, IISD says.Read More