Latest news with #BP
Yahoo
6 hours ago
- Business
- Yahoo
New report reveals widespread trend of corporations falling short of crucial goals: 'It's not working out yet'
New report reveals widespread trend of corporations falling short of crucial goals: 'It's not working out yet' A report by Bloomberg has highlighted a trend of large corporations falling short of their sustainability commitments. What's happening? Voluntary action, Bloomberg explains, is making environmental responsibility optional while the planet continues to overheat. Peter Ford, former program lead of H&M Group's Sustainability and Energy Efficiency, shared his disappointment with the fashion industry's lack of progress in curbing pollution and waste. "As an industry, it's not working out yet," Ford said, per Bloomberg. Even with H&M's recent report of a 24% reduction in supply chain pollution, apparel pollution is projected to rise an additional 30% by the end of the decade, according to McKinsey & Co. According to the Science Based Targets initiative (SBTi), a corporate climate action organization that holds companies accountable in combating the climate crisis, almost 11,000 companies have announced sustainability commitments or set "science-based targets" — targets aligned with what climate science deems necessary to meet the climate goals of the Paris Agreement. The SBTi target dashboard tracks companies that have made climate pledges, as well as companies that have removed their commitments. According to the dashboard, more than 800 companies have since removed their commitments — Walmart being one of them. Earlier this year, Walmart announced its slow progress on reducing the company's pollution, admitting it was falling behind on its climate goals. Around the same time, oil and gas giant BP announced a plan to scrap renewable energy commitments, deciding to focus on dirty fuels instead. On the banking side, HSBC has been facing major backlash for going back on a promise to divest from oil and gas fields. It also raised over $1 million in funding for Glencore, a major coal producer. Voluntary action on environmental goals has made it easy for companies to backslide on sustainability pledges. As more companies drop out, others could be inclined to do the same. Why are climate goals important? A recent report by Sustainable Fitch found that 88% of the world's largest corporations and financial institutions either kept or expanded their climate pledges. However, that also means that 12% of companies, including the likes of Walmart, BP, and HSBC, lowered or dropped their commitments. Do you think America does a good job of protecting its natural beauty? Definitely Only in some areas No way I'm not sure Click your choice to see results and speak your mind. Among the many changes that the Trump administration has implemented are renouncements of climate programs and policies that worked toward reaching climate goals to help curb the planet's overheating. However, without the support of the government, climate responsibility becomes even more of a choice for large corporations that had previously pledged to do better. Meanwhile, the planet is rapidly overheating due to human-induced pollution of heat-trapping gases from burning dirty fossil fuels for energy. Rising global temperatures, linked to increased extreme weather events, have dire consequences for all life on Earth. What can I do to help? Forming a unified front in the fight against rising global temperatures and changing climates is key to achieving effective progress. However, change can also happen on an individual level. Being part of the solution requires first learning about critical climate issues and understanding how different aspects of your lifestyle may be contributing to the larger problem. Simple switches you can make to lower your carbon footprint include walking or biking instead of driving, or driving an electric vehicle instead of a gas-powered car. Shopping secondhand instead of buying things new and supporting brands that align with environmental values are other ways to help. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Solve the daily Crossword
The Hindu
7 hours ago
- Business
- The Hindu
RIL sets up JV with ONGC, BP for exploration off western coast
Reliance Industries Ltd. (RIL) has entered into a Joint Operating Agreement with Oil and Natural Gas Corporation Ltd. (ONGC) and BP Exploration (Alpha) Ltd. (BP) for the exploration Block GS-OSHP-2022/2 (Block). This Block located off the western coast in Saurashtra basin and was awarded to RIL, ONGC and BP as part of Hydrocarbon Exploration and Licensing Policy. The parties will pursue exploration operation in the Block pursuant to the terms of award of the Block, RIL said in a statement.
Economist
8 hours ago
- Business
- Economist
The remarkable rise of 'greenhushing'
Business | Eyes on the prize Photograph: Getty Images R ead the headlines and the easy conclusion is that big business has abandoned the fight against climate change. In the past two weeks BP , an oil giant, sold its American onshore-wind business; Jaguar Land Rover, a carmaker, has reportedly delayed the launch of its new electric Range Rover; and HSBC , a bank, left the Net-Zero Banking Alliance ( nzba) , a group committed to lending in a greener way. But these bits of news are only part of the picture. Taken as a whole, companies are quietly making progress on their climate goals. As data centres get more energy-hungry, the hyperscalers get more creative Investors are starting to call for the luxury conglomerate to break itself apart A rumoured merger may be scuppered by Indonesia's government A tie-up between Union Pacific and Norfolk Southern would be messy but powerful Although many of their investments have a commercial logic, the result looks increasingly unwieldy But it has only staved off a coming plunge
Time of India
9 hours ago
- Business
- Time of India
Reliance signs joint operating agreement with ONGC, BP for Saurashtra block
New Delhi: Reliance Industries Ltd has entered into a joint operating agreement with state-owned Oil and Natural Gas Corporation ( ONGC ) and BP Exploration for a Saurashtra basin oil and gas exploration block, the firm said on Tuesday. The three firms had, for the first time, come together to bid for an area for finding and producing oil and gas in offshore exploration of Block GS-OSHP-2022/2 in the 9th bid round of Open Acreage Licensing Policy (OALP) last year. The block, located off the western coast in the Saurashtra Basin, spans an area of 5,454 square kilometres and is classified under Category-II basins. The consortium, with ONGC designated as the operator, will undertake exploratory activities aimed at assessing and harnessing the hydrocarbon potential of the region. " Reliance has entered into a joint operating agreement with ONGC and BP Exploration (Alpha) Limited (BP) for the exploration Block GS-OSHP-2022/2," the firm said in a statement. "This Block is located off the western coast in Saurashtra basin and was awarded to RIL, ONGC and BP as part of Hydrocarbon Exploration and Licensing Policy. Parties will pursue exploration operation in the Block pursuant to the terms of award of the Block." The agreement was signed on July 28 at ONGC's office.
Reuters
10 hours ago
- Business
- Reuters
Oil tycoon Shvidler loses appeal over UK's Russian sanctions
LONDON, July 29 (Reuters) - Billionaire oil tycoon Eugene Shvidler on Tuesday lost his appeal against British sanctions imposed on him over Moscow's invasion of Ukraine at the UK's Supreme Court, a ruling lawyers said makes it difficult for similar challenges to succeed. Russian-born Shvidler, who is a British and U.S. citizen, was sanctioned over his association with former Chelsea Football Club owner Roman Abramovich, plus his former position as a director of London-listed Russian steel producer Evraz (EVRE.L), opens new tab. Shvidler – whose net worth is estimated by Forbes magazine at $1.6 billion – appealed to the Supreme Court, with his lawyers arguing that others with greater involvement in business of importance to Russia were not sanctioned, citing BP's (BP.L), opens new tab previous joint venture with Rosneft ( opens new tab. The Supreme Court rejected Shvidler's appeal by a four-to-one majority in a ruling that Shvidler said "brings me back to the USSR". The ruling also maintains Britain's 100% record of defending its Russian sanctions in court. Shvidler said in a statement that no British companies or business people with ties to Russian state-owned companies have been sanctioned, adding that Britain's sanctions were "more about cheap virtue-signalling for purely political purposes". "There may be little public sympathy for me, as a wealthy US/UK businessman, but this judgment applies to all who face state power," he added. Britain's Foreign Office, which has overseen the sanctioning of more than 1,700 individuals or entities since Russia's invasion, welcomed the ruling "and the message it sends about the strength of the UK sanctions regime". Shvidler had said British sanctions have destroyed his business and disrupted his and his family's lives. His lawyers previously said he has no involvement in or influence over Russian politics and had not even been to Russia since attending the late Russian President Boris Yeltsin's funeral in 2007. But the majority of the Supreme Court ruled that the sanctions struck a fair balance between Shvidler's rights and the aims of the sanctions regime. In the majority's judgment, Judges Philip Sales and Vivien Rose said sanctioning Shvidler "sends a clear signal to people in Mr Shvidler's position that they would be wise to distance themselves from Russian business now". But Judge George Leggatt, in a strident dissenting ruling, said Britain's "flimsy reasons" for sanctioning Shvidler did not justify the "serious invasion of liberty" sanctions entailed. He noted BP's profitable joint venture with Rosneft, having two members on its board, and said it was irrational to only sanction Shvidler if "sanctioning an individual for working as a director of a company which had invested in the Russian extractives sector was thought likely to contribute to achieving the purposes" of British sanctions. BP declined to comment. Maia Cohen-Lask, a partner at Corker Binning, said the Supreme Court's ruling was "a huge blow not just for Mr Shvidler but for any person who has been sanctioned despite their lack of any links to the Putin regime". The Supreme Court also dismissed a separate appeal brought by Russian businessman Sergei Naumenko, whose 44 million euro ($51 million) superyacht was detained in London.
