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• EU Wants Oil Industry To Pay for Global Emissions

• Start Counting Emissions, SEC Says

• Tweet of the Day

EU Wants Oil Industry To Pay for Global Emissions

The European Union wants to make oil companies pay for climate change.

It will use a UN spending target… for governments.

Peak demonization in action

For the EU—and the U.S. federal government—the oil industry is the single party responsible for climate change.

It has been demonized relentlessly for years.

And now the EU wants the industry to pay for alleged damage caused to poor nations.

The UN target seeks to make rich countries pay poor countries for “climate damage”.

Some of that has yet to happen, and some of that’s just normal weather, but sure, let’s have some money change hands.

But those benevolent governments can’t foot the bill on their own.

So, who’s the most obvious target for extorting some cash?

Oil and gas, of course, with their record 2022 profits, etc.

How long until Big Oil’s had enough?

This is the question of the decade.

First, governments come at Big Oil with windfall profit taxes.

Then, they want Big Oil to count emissions.

Now, they want it to pay for disasters allegedly caused by their products.

Allegations, though, are one thing. The proof is another thing entirely.

More and more people are questioning the so-called consensus on climate change.

Maybe it’s time for the oil industry to join them.

Because admitting guilt has brought them zero benefits.

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Start Counting Emissions, SEC Says

The Securities and Exchange Commission has voted in favor of new rules for emission reporting.

Per those, public companies will need to start tracking and filing reports on their CO2 footprint.

Scope 3 emissions were not included in the set of rules.

Small mercies

The emission-reporting rules have been a long time coming.

Industries have not been happy about them.

But at least the SEC had the decency to spare them Scope 3 reporting.

That’s infuriated environmentalists, but they’ll just have to cope.

Tracking Scope 3 emissions, those from the use of a company’s product would have required massive resources.

No wonder businesses rebelled.

But it is a wonder the SEC listened.

So now companies will be reporting their Scope 1 and 2 emissions.

Those are from own operations and from energy consumption.

Threat’s not over yet

The new rules will “enhance the disclosures that investors have been relying on to make their investment decisions,” according to SEC Chairman Gary Gensler.

That’s a great idea but it may only be a matter of time before Scope 3 emissions return to the table.

The amount of influence environmentalists have in Washington is substantial.

Just look at the LNG permit “pause”.

Which means companies need to sleep with one eye open from here on out.

Because activists are framing it as an important issue for investors.

And those investors might buy that and start insisting on Scope 3 reporting.

Crazier things have happened.

Tweet of the Day

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