Shell

Top 4 stories

1) Shell greenwashing attempt aimed at Millenials – and Q1 profits down

We also reported on Shell’s attempt to commision a cool video aimed at young people to convince them gas is an awesome way to fight climate change. But through a factcheck of the creative brief we found that the scenario Shell was describing meant a world with around 6 degrees of warming.

Vice also reported on the competition, highlighting that Shell’s agency instructed a rouge entrant *not* to mention Arctic oil. Also, the brief said the film should be in the style of Vice.

Besides this, Shell’s first-quarter profits plunged 56%, and a legal filing has been made to challenge Shell’s ability to afford a spill cleanup in the Arctic – which apparently would cost a whole year’s profits.

In related news BP has also reported a large fall in profits, and it has become cheaper to buy out other oil companies than start drilling in new sites, WSJ writes ahead of Exxon and Chevron’s quarterly results this week.

2) Too little focus on renewables and the green economy, says industry

UK political parties are failing to address renewables, the industry says. The Guardian’s Fiona Harvey points out the green economy, employing almost a million and worth £120bn to the economy has been mostly ignored in the election.

An analysis in the New Scientist finds that the UK parties aren’t offering much in the way of specific climate and renewables policies.

Meanwhile, the EU needs to invest 400 billion euros to meet its 2020 renewables target, and China is projecting 86% renewables by 2050.

3) Next government needs to address air pollution, Supreme Court rules

Britain needs to do something about its illegal and dangerous levels of air pollution from transport emissions, the Supreme Court ruled yesterday – RTCC and Bloomberg wrote.

Labour said David Cameron’s Conservative-led government is stumbling in its environmental efforts, Bloomberg reported.

4) Subsidies to coal through capacity payments will be investigated – and some fossil fuel companies deny climate change

The EU has launched an investigation into capacity payments and whether there are better systems to use so they are not needed, WSJ reports. The UK is one of the countries that has a capacity mechanism.

Peabody, Glencore and Exxon Mobil have rejected that action on climate change is needed, the Guardian reports.

Meanwhile, in Wales the funds for restoring open coal mines have insufficient money in them to do so and the Welsh government has decided it needs to mine more to afford the restoration, George Monbiot writes.

In other news

Countries that lead the switch to clean energy will reap the financial rewards, a professor of sustainable management writes.

US economic growth nearly stalled in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices slashed spending,  Reuters reports.

‘Stand-out’ renewables deliver 25% profit boost for Iberdrola, according to Recharge News.

And Quartz notes Russia’s state-controlled gas group Gazprom has delivered a weak set of earnings.