The oil industry is in damage limitation mode. On Friday 4 November Shell, BP and others launched investment fund…bulk of money for CCS (carbon capture and storage ), but – $1Bn over ten years – met with derision by environmental critics…Timing of latest initiative from the energy companies’ Oil and Gas Climate Initiative (OGCI) is clearly designed to show “we’re doing our bit” on global warming…Exxon has no interest in OGCI and is opposed to their calls for carbon price…But Exxon is increasingly coming under fire from its own shareholders about an apparent lack of planning for climate change. On 28 October the Texans reported a 38% slump in 3 month profits – company’s 8th straight quarterly decline. 

>more> Climate News Network