Chevron CEO tells investors not to invest in renewable goods

Photo: Richard Drew (A.P.)

In an interview with CNBC On Wednesday, Chevron CEO Mike Worth said he would not invest in renewable energy by allowing his shareholders to use the money from the company and “plant trees.” He was glad he came out right away!

The interview came at an investor meeting this week, with Whit and other Chevron executives presenting the company. Focus on energy transfer, Focusing on Chevron investing more energy to save the planet. Chevron is America’s largest oil company. Taking the title from Exxon last fall, And is the largest Investor-owned source International carbon emissions since 1965. This is the case with any oil company that can benefit by turning green leaf.

Writz added a little Big Business context to his comments on “Cake Eat” – “Sorry”, “Tree Plants”. “Wind and sun are one of the things we choose not to go in,” Wert told CNBC. “These are relatively advanced technologies. There is a lot of capital available. The wind and solar returns are actually being auctioned off, and we conclude that the management within our company will not be able to create value for shareholders by going to the wind and the sun.

Again, this interview was broadcast on CNBC, so this seems to be good for conscious investors. If wind and sun are so crowded, why not invest in technologies that can help the planet? as well as Need more investment? If only you paid attention Chevron press releases As for the investor meeting, it looks like the company is really trying to change the types of energy it generates. According to CNN, Chevron on Tuesday “increased capital investment in low-carbon businesses” and pledged $ 10 billion over the next eight years, surpassing the previous $ 3 billion. . Capitalism Can Save the planet, you people!

But let’s hit this bear a little, right? “Lower carbon” is, first of all, an interesting term. As a journalist, Amy Westwell pointed out, Is one of the growing numbers Vocabulary Big Oil began using it to convince the general public that they were working on this general climate change issue – they are hiding the fact that they continue to produce emissions. It is simply a nonsense that is simply sweeter than what we have been doing for decades.

Accordingly, Chevron’s energy transfer approach is critical to the company’s investments in technologies that reduce emissions in oil and gas production, such as switching to smoking when you have pneumonia. There is also a general section for that approach Carbon dioxide as well as Hydrogen-There are two types of expensive, primary technologies that look great on paper but also help companies green.

According to Bloomberg Chief Energy Correspondent Javier Blaus on Twitter, all of this investment in different technologies does not come from fossil fuels. In fact, Chevron has announced that its total capital expenditure will increase by 2025, which means it is still spending billions. even more Oil and gas.

“More investment in low-carbon will not result in lower costs in traditional oil and gas trade” Wrote. “Think. Eat and eat your cake.”

By the way, For a company that earned $ 4.5 billion in the first six months of 2021, $ 10 billion is more than just eight years.

At the investors’ meeting, Wert introduced the new investment focus on “Climate change is real” and “contributes to human activity, including fossil fuels.” In the same speech, however, he endorsed the most recent issues in the oil industry – they were Climate rejection groups have long been a favorite– That energy (read oil and gas) “stimulates modern life” and “increases[ing] Billions have been lifted out of poverty. (Wert has previously said he thinks Population growth It will keep fossil fuels in business for decades.) Wirth reaffirms Chevron’s commitment to carbon tax – the Low policy for the whole industryThank you for your interest It adequately poisoned the conversation To make sure it never happens – when it happens By preventing the company from performing any activity Net zero target.

Although Wirth and other executives tried to divert their company’s continued investment in fossil fuels, the walls began to close. Chevron’s new investment is coming to the fore. Shareholders this spring, When more than 60% of the company are investors Chevron’s idea was challenged He voted to force the oil to be released by burning the lead and selling oil. Coalition of Green Groups in March The FTC filed a complaint against Chevron, Alleging that the company is misleading the public by claiming that it is working to reduce emissions. And on Thursday, the New York Times reported that the council’s oversight committee called on Chevron and other oil companies to testify before Congress. Examines How the industry spreads misinformation about climate change. We’ll see if Weird is happy to have other trees planted next.

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