Exxon bets $2 billion on global warming

Chris

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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
 

Quantum Windbag

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Gee, imagine that, a huge corporation trying to profit off of new sources of oil.
 
OP
C

Chris

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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
 

waltky

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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.
The EPA on Monday approved the air permit for the drilling vessel Noble Discover. The permit was a key hurdle for Shell to overcome before it can begin exploratory drilling in the Chukchi Sea off Alaska's northwest coast.

Environmental groups and some Alaska Native groups oppose offshore drilling. Drilling was held up this year in part by a successful appeal of two air permits EPA issued to Shell in 2010.

Outer continental shelf reserves in the Chukchi and Beaufort seas are estimated at 26.6 billion barrels of recoverable oil and 130 trillion cubic feet of natural gas.

Read more: EPA Grants Permit To Shell For Arctic Oil Drilling | Fox News
 

editec

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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.
 

Old Rocks

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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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