US Oil Majors Lag EU Rivals In Stance On Climate Challenge, Liabilities

[hatrack]

NEW YORK - US oil majors lag European companies in guarding against potential lawsuits and other risks of emitting gases linked to global warming, according to a study by a group of investors and environmentalists. "Dozens of US businesses in various climate-vulnerable sectors ... are still largely dismissing the issue or failing to articulate clear strategies to meet the challenge," said CERES, the Boston-based group that issued the report.

Companies that disclose the amount of emissions of heat-trapping gases they produce and take steps to limit them cut their risks, including potential lawsuits from investors, CERES said. Risks also include falling behind in future greenhouse gas markets being considered in US Congress and direct physical damage of global warming such as stronger storms similar to the ones that devastated the US Gulf last year, the group said.

CERES gave European oil majors BP, Royal Dutch Shell and Total scores of 90, 79, and 62, respectively, out of a maximum score of 100. US oil majors Exxon Mobil Corp. and ConocoPhillips scored the lowest of oil majors at 35. Chevron got a score of 57.

EDIT

"Our actions on carbon dioxide are widely misunderstood by many," he said in a telephone interview. He said cogeneration, or using waste heat and steam to produce electricity at plants, has reduced greenhouse gases by nine million metric tonnes per year. But Exxon has not set emissions limits and it does not invest in the production of wind and solar power because the company does not believe those technologies are economically viable yet, he said. Conoco did not immediately return phone calls about the study.

EDIT

http://www.planetark.org/dailynewsstory.cfm/newsid/35747/story.htm

[phantom power]

1. The US Oil Majors know that they are immune from law suits.

Two words: Tort "reform."

When you can buy politicians at will, I would imagine that the threat of lawsuits doesn't seem very scary.

[JohnWxy]

2. Exxon-Mobil is airing some nice ads saying they are interested in

lookin into 'alternative fuels' (like hydrogen made from .....

OIL!

)..does that count?

[One_Life_To_Give]

3. Their execs bought slightly higher beachfront property

than their european counterparts.