In May this year, commodity giants BP and Glencore, as well as their investors, received an open letter from the British environmental organization ClientEarth that questioned the predictions of the two companies about the future demand for oil and coal. The basis for which is the ExxonMobil Group, against whom the New York Public Prosecutor’s Office (NYC) brought a case in relation to the company’s knowledge of and failure to disclose climate change information. ... →
According to a study published in the scientific journal Nature, millions have been made at the expense of the climate through carbon credits in Russia and Ukraine. The authors of the study say that offsets created under the scheme “significantly undermined” efforts to tackle climate change. The UN scheme allowed countries like Russia and the Ukraine to create carbon credits, they were then able to sell these credit to the European Union’s Carbon market. ... →
While the UN prepares for a new climate agreement in Paris and the G7 nations make the first clear steps towards climate change mitigation, Glencore has been using the low coal prices to acquire additional mining areas.
According to Glencore, coal continues to be the cheapest means to generate energy. Despite the current downturn, the company is certain that the demand in the coming years will increase, especially in so-called developing countries. ... →
Norway’s parliament has voted that the Norwegian Government Pension Funds should sell its shares in the coal industry, in both mining and utility. The world’s largest sovereign wealth fund is one of the top ten investors Coal. By 2016, all companies which gain more than 30 percent of their income or electricity through coal production will be excluded from the fund((Http://www.ipe.com/news/esg/norways-oil-fund-to-sell-all-remaining-coal-stocks/10008186.fullarticle (called on 28 May 2015))
In 2014, the Fund was criticised because of its extensive financial support of the coal industry. ... →