CLIMATE CHANGE ROUND UP FOR THE WEEK ENDING Feb 6, 2021

QUOTABLES:

One of the biggest issues is you cannot self-isolate from climate. That is not an option. We cannot retreat in and wait out climate change, it will just get worse

Mark Carney
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CANADA NEWS

Mark Carney: Climate crisis deaths ‘will be worse than Covid’

The world is heading for mortality rates equivalent to the Covid crisis every year by mid-century unless action is taken, according to Mark Carney.

The former central banker said the investment needed to avert millions of deaths was double current rates.

But with governments ploughing billions into keeping economies afloat, a question mark hangs over whether the recovery will be green enough.

The answer lies in smarter investment, Mr Carney said.

Mr. Carney, who was the Bank of England governor up until last year, and the head of the Bank of Canada before that, is now the United Nations envoy for climate action and finance.

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WORLD NEWS

Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs

ExxonMobil on Tuesday pledged $3 billion to lower emissions in a bid to bolster its environmental record even as it slashed overall capital spending and vowed to safeguard its dividend.

Executives, while declining to directly address a news report that ExxonMobil and fellow supermajor Chevron Corp. had discussed a potential tie-up, also said they continue to explore strategic merger and acquisition (M&A) opportunities.

All of this came as ExxonMobil on Tuesday reported a full-year loss of more than $22.4 billion (minus $5.25/share) – down from a profit of $14.3 billion in 2019 ($3.36/share) — and its fourth-consecutive quarterly loss in the wake of the pandemic’s demand destruction. It marked the first annual loss since the merger of Exxon and Mobil in 1999.

The Irving, TX-based oil and gas giant joined peers Chevron and BP plc in posting steep annual losses after coronavirus outbreaks necessitated travel and business limitations, crippling demand and crushing oil prices last year. BP on Tuesday posted a 2020 loss of $18.1 billion and Chevron last week disclosed a $5.5 billion loss for the year.

Following through on a plan foreshadowed late in 2020 in response to investor criticism of its environmental track record, ExxonMobil said this week it would invest $3 billion over the next five years in projects aimed at reducing greenhouse gas (GHG) emissions. The company said it was creating ExxonMobil Low Carbon Solutions and evaluating 20 new carbon capture projects globally, from Texas to Qatar.

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