Sustainability Blog - The Grid
For years, Exxon Mobil has walked around with an environmentalist target on its chest. So it was news when the world’s biggest oil company by market value agreed to share its plans for dealing with climate change. A look at what we already know about Exxon’s climate strategy shows why disclosure may be a savvy move.
The chart below shows how companies estimate the future cost of carbon pollution. Right now, few countries outside Europe regulate it. That’s changing and is likely to intensify in the lead-up to key UN climate negotiations in 2015. Some companies use a so-called shadow price to anticipate the future cost from climate policy when planning new projects. Of 30 U.S. companies that use a shadow carbon price, Exxon’s is among the most aggressive.
Bloomberg BNA — Exxon Mobil Corp. has agreed to publish a report describing its plans for a future in which market forces and stricter climate regulation may leave some of its carbon reserves unburnable.
Exxon Mobil is the first oil and gas producer in the U.S. to commit to reporting on its risks of stranded assets due to climate change.
Bloomberg BNA – In recognition of the increasing possibility of oil exploration in Arctic waters, Sen. Mark Begich (D-Alaska) has introduced a bill to increase the Coast Guard's ability to prevent and respond to offshore oil spills.
The Coast Guard Arctic Preparedness Act (S. 2131) would require the spill response plans developed by facility owners and operators and approved by the Coast Guard to be updated at least every five years. The plans would need to incorporate best commercially available technology and methods to prevent, contain and remove a worst-case spill, the bill says.
Happy spring! Here are today's top reads:
- BP's Gulf redemption may take decade to bestow barrels (Bloomberg)
- A cold U.S. winter for sure, but eighth warmest globally (Climate Central)
- California officials prepare for worst as historic drought deepens wildfire risk (Guardian)
- Climate change fueled storms, rising seas cost China $2.6 billion in 2013 (Reuters)
- Why pot won't help Democrats in 2014 (National Journal)
- Alligators turn a couple's dream into a court fight (NY Times)
- Air pollution may cause genetic harm in kids, China study finds (Bloomberg)
- Monsanto, Natura taste the true cost of palm oil and soybeans (GreenBiz)
- This new Hyundai car runs on the poop of California residents (Fast Company)
- Fracking hammers clean energy research (Scientific American)
Visit www.bloomberg.com/sustainability for the latest from Bloomberg News about energy, natural resources and global business.
Good morning! Here are today's top reads:
Bloomberg BNA – Oklahoma oil and gas regulators have approved tentative rules that would require energy operators to conduct injection well mechanical integrity testing and other data-gathering requirements each day, part of an effort to determine causes of increased earthquake activity in the state.
The proposed regulation, approved March 13 by the Oklahoma Corporation Commission, must now be approved by the Oklahoma Legislature before it adjourns May 30 and be signed into law by Gov. Mary Fallin (R).
Good afternoon! Here are today's top reads:
Bloomberg BNA – State actions on climate change are reducing emissions and offering templates for effective federal standards, according to Mary Nichols, chairwoman of the California Air Resources Board (ARB).
“State successes are helping to lay the foundation for strong federal standards and those then reinforce the next round of state successes,” Nichols said at a March 14 conference on “Navigating Climate Regulation on Dual Tracks: The Promises and Pitfalls of AB32 and the Clean Air Act.”
The robots are coming for our jobs. No, seriously.
There’s no need to take up arms -- they come in peace -- but you may want to dust off your resume and make sure you have the skills that our future robot overlords will be looking for.
The U.S. shale oil-and-gas boom has something for everybody. Jobs! Community outrage! Cheap fuel! Financial intrigue! Geopolitical leverage! Dirty water!
Really, the only thing nobody's tried to work in is nuclear waste. Until now.