The Climate Pendulum Swings. Big news from a shareholder vote at the Exxon shareholder meeting. It appears, at first indication, that Engine No. 1, an activist investor, has won the election of at least two board seats that are considered to be in line with the fund’s climate change-related goals. Reporting highlights the need for final vote counts as the activist attempted to win four board seats but Exxon losing the election of two of their preferred directors is near unprecedented.
Emissions Must Be Reduced. At the same time, in the Netherlands, Shell was told by a Dutch court that it was obliged to lower emissions by 45% by 2030 compared to 2019. This was related to the impact that the company was causing to people though the Court gave in to the company saying that current emissions were not unlawful. The company expects to appear the decision which is not expected to be enforceable beyond the Dutch border.
So Many Billions. Ford announced it would invest $30billion to build out its electric vehicle manufacturing.
Advocate For Storage. SEIA announced yesterday that it was launching a Storage Advocacy Network. CEO, Abby Hopper, said “There is a massive gap between our energy storage goals and where we are now, and business as usual is not a recipe for success.” I guess it’s a good time to get into energy storage?
Bill Speaks, Listen. The biggest question regarding the anti-solar legislation is how it is even possible in this era. Why would the State that has invested so much in building out the solar market turn that around with a single bill? A bill you say? Bill Walton says no dice to AB 1139 and he’s getting involved!
- The Hill: In historic first, climate activists are now on Exxon’s board
- New York Times: A Dutch court rules that Shell must step up its climate change efforts.
- Axios: Ford says it will invest $30 billion in electric vehicles by 2025
- Solar Power World: SEIA creates Storage Advocacy Network to boost policy support for new technology
- Bloomberg: Fight Over Solar Subsidy Tests California’s Climate Commitment
- Canary Media: California may build 11.5GW of almost all carbon-free resources to replace its last nuclear plant
- Reuters: Extreme heat drives ‘high risk’ summer for U.S. power, especially in California
- PV-Tech: Solar and wind outpacing all other renewables growth in US
- Energy Storage News: Overheating reports prompt LG Energy Solution battery recall
Opinion
Best, Yann