Exxon bets $2 billion on global warming

Discussion in 'Environment' started by Chris, Sep 11, 2011.

  1. Chris
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    Chris Gold Member

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    On 30th August, Exxon announced a deal with Rosneft, the Russian state oil company. As part of this deal, Exxon will invest more than US$2 billion to support Rosneft in the exploitation of oil reserves in the Kara Sea, which is part of the Arctic Ocean north of Siberia. One requirement for the success of this deal: a further retreat of Arctic sea ice. Given that climate model simulations indeed all project such further retreat of Arctic sea ice, it seems that at least to some degree, managers of big oil companies have started to make business decisions based on climate-model simulations.

    The 'other' Arctic sea ice melt | Environment | guardian.co.uk
     
  2. Mr. H.
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    Mr. H. Diamond Member

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    And I seriously doubt they are the only industry to do so.
     
  3. Quantum Windbag
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    Quantum Windbag Gold Member

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    Gee, imagine that, a huge corporation trying to profit off of new sources of oil.
     
  4. skookerasbil
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    skookerasbil Gold Member

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    what a dummy.........its called playin' ball........better known as smart PR.

    How are some people so spectacularly naive?
     
  5. Chris
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    Chris Gold Member

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    Oil major Exxon Mobil Corp. is engaging in industry talks on possible U.S. greenhouse gas emissions regulations and has stopped funding groups skeptical of global warming claims — moves that some say could indicate a change in stance from the long-time foe of limits on heat-trapping gases.

    Exxon, along with representatives from about 20 other companies, is participating in talks sponsored by Resources for the Future, a Washington, D.C., nonprofit. The think tank said it expected the talks would generate a report in the fall with recommendations to legislators on how to regulate greenhouse emissions.

    Mark Boudreaux, a spokesman for Exxon, the world’s biggest publicly traded company, said its position on climate change has been “widely misunderstood and as a result of that, we have been clarifying and talking more about what our position is.”

    Boudreux said Exxon in 2006 stopped funding the Competitive Enterprise Institute, a nonprofit advocating limited government regulation, and other groups that have downplayed the risks of greenhouse emissions.

    Exxon cuts ties to warming skeptics - US news - Environment - msnbc.com
     
  6. waltky
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    waltky Wise ol' monkey Supporting Member

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    EPA gettin' in bed with Shell Oil...
    :eusa_eh:
    EPA Grants Permit to Shell for Arctic Oil Drilling
    September 19, 2011 | The Environmental Protection Agency has approved an air quality permit for a Shell Oil drilling vessel and accompanying vessels that the company hopes to use in Arctic waters next year.
     
  7. editec
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    editec Mr. Forgot-it-All

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    Oh the ignoramouses here in this board may be in denial.

    But the insurance companies (people who live and die based on risk assessment) definitely understand the danger of global weirding.

    And it looks like EXXON (another group of investors with no fleas on them) apparently are also betting that Global Weirding is changing the world.
     
  8. Old Rocks
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    Old Rocks Diamond Member

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    When Swiss Re is sponsoring conferances on adaptations to an increasing frequency of weather disasters, you know that there are people in real positions of economic power that take global warming and the climate change that it drives, very seriously.
     

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