J2. Fossil Fuel Industry

Posted by John Donovan: 7 Dec 24

In the latest jaw-dropping display of corporate dominance, the fossil fuel behemoth managed to wiggle out of a Dutch court ruling that once dared—dared!—to ask the company to clean up a fraction of its catastrophic mess. The court’s demand? A 45% reduction in emissions by 2030. Shell’s response? “Nah, we’ll pass, thanks.” And now, thanks to a Hague appeals court overturning that pesky ruling, they can keep on keeping on. Cue the applause from major shareholders like BlackRock, because who needs a livable planet when profits are this juicy?

“Social Standard of Care”? Never Heard of Her.

The court’s reason for reversing the decision? It couldn’t prove that Shell had a “social standard of care” to slash its emissions. Let’s unpack that for a second. Destroying ecosystems, fueling climate catastrophes, and exacerbating global inequality doesn’t quite meet the thereshold of societal harm? What the actual hell do you need, an engraved invitation from Mother Earth herself? Oh wait, she’s busy drowning in rising sea levels.

Friends of the Earth Netherlands, backed by 17,000 citizens with an actual conscience, had initially convinced the court to hold Shell accountable in 2021. But now, those pesky climate do-gooders will have to take their fight to the Dutch Supreme Court—a process that could drag on for years. Meanwhile, Shell gets to throw up its hands and say, “It’s not our job to fix the planet we’ve been gleefully trashing for over a century.” Inspirational, really.

Donald Pols, director of Friends of the Earth Netherlands, tried to keep spirits up, saying, “It’s a marathon, not a sprint.” Cute sentiment, Don, but it’s hard to focus on pacing when Shell’s emissions are setting the entire track on fire.

Big Oil: A Planetary Parasite

In case anyone forgot, oil, gas, and coal are responsible for more than 75% of the planet-warming pollution frying our Earth. Shell, of course, is a shining example of Big Oil’s commitment to destruction—right up there with ExxonMobil and BP. But hey, why stop at ruining the climate when you can also exacerbate mental health crises, destroy agriculture, and trigger billion-dollar disasters in the process?

Let’s not forget: 2023 alone saw $92.9 billion in climate-related damages across the U.S., courtesy of the very pollution Shell and its ilk churn out daily. But it’s not just the cash—oh no. It’s also lives lost, communities destroyed, and ecosystems obliterated. Meanwhile, Shell’s boardrooms echo with laughter as they cash their record-breaking profits. Nice work, guys.

Here’s the Gag: It’s Our Fault Too

Oh, and let’s not let ourselves off the hook here. BlackRock and other fat-cat investors keep Shell flush with cash while you, dear consumer, have the power to make better choices. Governments worldwide are trying to hold Big Oil accountable (keyword: trying). Vermont’s passed a law making oil giants pay for their damage, and U.S. Congress is cooking up a “polluter pays” bill. But none of it will matter if the rest of us don’t grow a backbone.

Want to fight back? Vote for pro-climate candidates. Divest your retirement accounts from Shell and its cronies. Donate to organizations taking on these corporate Goliaths. And for the love of all things green, don’t just sit there—act.

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Shell Dodges Climate Accountability Again was first posted on December 7, 2024 at 9:10 pm.
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Posted by John Donovan: 6 Dec 2024

In the latest episode of Corporate Malfeasance: Climate Edition, Shell—everyone’s favorite destroyer of worlds—is backing away from offshore wind investments because, well, it’s just not profitable enough for their bottomless greed. CEO Wael Sawan, apparently inspired by Scrooge McDuck, has decided that low-carbon energy isn’t where the money is. Oil, gas, and biofuels? Jackpot! Saving the planet? Meh, let someone else take the loss.

Splitting Shell Energy: Two Units, Zero Morals

Shell Energy, the division allegedly focused on renewables and power generation, is being split into two Frankenstein units: one for power generation and one for trading. Because, of course, nothing says “we care about the environment” like dividing your energy transition strategy into bite-sized chunks to better dismantle it.

Here’s Shell’s take on offshore wind: “While we will not lead new offshore wind developments, we remain interested in offtakes where commercial terms are acceptable and are cautiously open to equity positions, if there is a compelling investment case.” Translation: If it doesn’t print money fast enough, Shell is out. Saving the planet? That’s someone else’s unpaid internship.

The Big Review: Profits Over Progress

Sawan’s so-called “extensive review” of Shell’s business, launched in 2023, has a clear goal: reduce costs and pump profits. Unfortunately for the rest of humanity, this means slashing renewable energy investments and doubling down on fossil fuels. You know, the stuff responsible for climate change. Offshore wind projects in the U.S. and South Korea? Axed. High-return oil and gas? Full steam ahead!

It’s almost poetic: Shell once marketed itself as a pioneer in offshore wind, claiming their decades of experience in offshore oil and gas gave them a leg up in the renewables market. Turns out, that experience is now being used to efficiently backpedal on every meaningful commitment to clean energy.

Excuses, Excuses

Sure, the offshore wind sector has faced challenges: soaring costs, supply chain issues, rising interest rates. But instead of stepping up and innovating through these obstacles, Shell decided to pull the ripcord and let someone else deal with the mess. Meanwhile, they’ll happily continue exploiting fossil fuels because, let’s be real, oil is their one true love.

Big Investors: Happy to Cash In

And who’s cheering this move from the sidelines? Shell’s mega-investors, of course. Heavy hitters like BlackRock and Vanguard are surely toasting their champagne glasses, delighted by Shell’s renewed commitment to short-term profits over long-term survival. After all, who cares about global warming when your portfolio is up?

The Final Nail in the Offshore Coffin

Shell claims they’ll keep working on projects that are already underway. How noble. But don’t get your hopes up—this is the same company that has made retreating from climate responsibility an art form. The writing is on the wall: Shell isn’t here to save the planet; they’re here to wring every last cent out of it before the whole thing goes up in flames.

Bravo, Shell: World-Class Villains

Let’s give Shell a slow clap for once again proving they’re the ultimate sin stock. Their decision to sideline renewables in favor of fossil fuels is not just short-sighted; it’s a deliberate middle finger to the future. While the world struggles to stave off climate catastrophe, Shell’s strategy can be summed up in three words: profits over people.

So, congratulations to Shell, Wael Sawan, and their loyal investors. You’ve won the race to the bottom. But don’t worry, you can always count your money in the smog-filled wasteland you’re leaving behind.

WTF, Shell? From Saving the Planet to Saving Their Wallets was first posted on December 6, 2024 at 5:03 pm.
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Posted by John Donovan: 5 Dec 2024

Ah, the North Sea—once a beacon of oil-soaked riches, now a rapidly dwindling fossil fuel graveyard. But don’t worry, Shell and Equinor are here to “boost profitability” by forming the biggest independent oil producer in the region, because clearly, what the world desperately needs right now is more oil.

This unholy matrimony between Shell (aka the corporate embodiment of pollution) and Equinor (Norway’s answer to Big Oil hypocrisy) promises to squeeze out a hefty 200,000–220,000 barrels of oil equivalent per day by 2025. That’s up from 140,000 today because, obviously, the planet’s warming isn’t going fast enough. Shell and Equinor will split ownership 50-50, which feels just right for this joint venture into environmental destruction.

“Tax Losses Are the New Black”

Of course, there’s no better way to boost profits than gaming the tax system! Equinor is bringing a £6 billion (~$7.6 billion) pile of deferred tax losses to the table. That’s right, they’ll offset future spending while you, dear taxpayer, foot the climate bill. RBC Capital Markets, ever the cheerleader for corporate plunder, calls this “strong industrial logic.” Translation: milk every last loophole while drilling the Earth into oblivion.

And let’s not ignore the stellar roster of projects this JV will oversee: Jackdaw, Rosebank, Buzzard, Penguins, and more. Sounds like a wildlife conservation program, doesn’t it? Except instead of protecting penguins, they’ll be destroying their habitats in the name of “cashflow.”

The “Mature” UK Shelf: Code for Depletion

According to Philippe Mathieu, Equinor’s head of international oil and gas production, “The UK basin is maturing and production naturally declining.” Yeah, no kidding—because there’s nothing left. Yet somehow, that’s spun into a business opportunity. New drilling in a “mature” basin isn’t a bold venture; it’s desperation dressed up as strategy.

Windfall Tax? Cry Me a River

Ah, the windfall tax—boohoo for Shell and Equinor. These companies are whining about taxes imposed during the 2022 energy price surge, as if making obscene profits wasn’t enough. The British government dared to take a sliver of their pie, and now they’re throwing tantrums about “adjusting to industrial realities.” You know what’s an industrial reality? The North Sea is dying, and you’re killing it faster.

Dear Investors: Enjoy the Blood Money

BlackRock, Vanguard, and the rest of Shell’s fat-cat shareholders must be popping champagne right now. Forget renewables, hydrogen, or anything remotely forward-thinking—this is about wringing every cent from fossil fuels before the game’s up. Who needs a planet when your quarterly dividends look this good?

The Legacy of Shell: A Masterclass in Environmental Sabotage

From the Leman gas field in 1968 to today’s desperate attempts to mine the scraps, Shell has been leading the charge in making the North Sea synonymous with exploitation. They’re not interested in IPOs for the new entity, of course—too much transparency, not enough shady debt-raising potential.

In Conclusion: WTF Are We Doing?

While the rest of the world attempts to transition to clean energy, Shell and Equinor are busy squeezing pennies from the dying embers of the oil age. Their PR teams might frame this as “continued economic recovery of a vital UK resource,” but we see it for what it is: a cynical cash grab at the expense of our future.

So, here’s to Shell and Equinor—modern-day pirates looting what’s left of the North Sea while the planet burns.

Shell and Equinor: Merging to Squeeze Every Last Drop from the Dying North Sea was first posted on December 5, 2024 at 4:34 pm.
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Posted by John Donovan: 5 Dec 2024

In a breathtaking display of corporate greed dressed up as “strategic review,” Shell—the world’s favourite villain in the game of Destroy the Planet for Profit—has decided it’s no longer interested in leading the transition to clean energy. Why? Because it turns out offshore wind doesn’t print money fast enough for CEO Wael Sawan, whose vision for the future seems to be a fossil-fueled inferno of record profits.

Let’s break this down. Shell, once pretending to dabble in saving the planet with its renewable energy division, is now gutting it for parts. Shell Energy—the division responsible for renewables, power generation, and supply—is being hacked into two Frankenstein-like units: power generation and trading. Because, hey, why bother with innovation when you can shuffle papers and call it a strategy?

In an astounding statement that could be paraphrased as “We’ll save the planet if it’s profitable enough,” Shell declared, “While we will not lead new offshore wind developments, we remain interested in offtakes where commercial terms are acceptable and are cautiously open to equity positions if there is a compelling investment case.” Translation? Offshore wind is only worth their time if they can rake in obscene profits. Otherwise, they’ll stick to what they know best: drilling holes in the Earth and our future.

The “pivot” to ditch offshore wind and focus on high-return oil, gas, and biofuels is part of Shell’s 2023 review. Spoiler alert: “High-return” is code for doubling down on polluting industries because renewable energy isn’t delivering the gold rush Shell’s billionaire shareholders—like BlackRock and Vanguard—are used to. Heaven forbid they settle for merely obscene wealth instead of planetary domination.

This isn’t Shell’s first dance with abandoning offshore wind projects. The company has already ghosted wind projects in South Korea and the United States. Apparently, spiralling costs, supply chain issues, and rising interest rates were all the excuses Shell needed to stop pretending it cared about the energy transition.

Meanwhile, as the world grapples with the consequences of climate change—raging wildfires, drowning cities, mass extinctions—Shell is busy tweaking its spreadsheets to maximize shareholder returns. Because nothing says “responsible corporate citizen” like sacrificing the planet to pad investor pockets.

Oh, and let’s not forget Shell’s decades of experience in offshore oil and gas production—a skill set that could have been a game-changer for renewable energy. Instead, they’re using that expertise to dig us deeper into the climate crisis. Bravo, Shell. Truly inspiring.

At this point, Shell’s slogan should just be: Burn Baby Burn—But Only If the ROI is Right.

WTF Shell? The Oil Giant’s New Motto: Screw the Planet, Show Me the Money was first posted on December 5, 2024 at 3:34 pm.
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Sir John Jennings, former Chairman of Shell Transport and Trading Company, is remembered as an influential leader during some of the most turbulent periods in Shell’s history. Jennings, who passed away at 87, played a critical role in navigating the multinational through external crises and controversies, earning a reputation for both strategic acumen and a uniquely human approach to corporate leadership.

A Steady Leader Amid Turmoil

Jennings took the helm of Shell Transport and Trading in 1993, overseeing critical operations in the North Sea and Nigeria during a period marked by significant environmental and human rights challenges. Two defining moments of his tenure included:

•The Brent Spar Disposal Controversy (1995): Greenpeace’s opposition to Shell’s plan to dispose of the Brent Spar oil storage buoy in the Atlantic Ocean forced a public relations battle. Although Shell eventually abandoned the disposal plan, the episode marked a turning point in corporate environmental accountability.

•Ogoniland Oil Spills and Relations with Nigeria (1996): Shell faced global criticism over oil spills and alleged complicity in the Nigerian government’s human rights abuses, particularly after the execution of activist Ken Saro-Wiwa. Jennings staunchly defended Shell’s efforts to mitigate the crisis while acknowledging the complexities of operating in an authoritarian regime.

Born on March 30, 1937, in Oldbury, Worcestershire, Jennings began his career as a geologist, earning a PhD from Edinburgh University under a Shell research scholarship. His passion for geology remained with him throughout his life. Even as he ascended to corporate heights, he was happiest in the field, often collecting rocks or engaging in groundbreaking research to advance exploration and drilling technologies.

Interactions with Shareholders

Jennings distinguished himself by his accessibility and fairness, even in contentious situations. At the 1995 Shell Annual General Meeting, he engaged with shareholders from the Shell Corporate Conscience Pressure Group, who were critical of the company’s handling of disputes with small businesses. Jennings agreed to meet privately with the Donovans, a father-son duo involved in litigation against Shell, resulting in a candid and constructive dialogue. He later took steps to mediate their dispute, ultimately leading to a historic resolution including refunded legal costs and a letter of apology from Shell UK.

John Donovan, one of the shareholders, described Jennings as “exceptionally kind and fair,” noting that he upheld Shell’s business principles even under pressure. Jennings’ willingness to listen and act on behalf of smaller stakeholders set him apart from many corporate leaders of his era.

Two titled Shell directors in attendance, Sir Peter Holmes and Sir William Purves (both deceased), became directors of Hakluyt, the company set up by former MI6 officers to carry out undercover assignments for Shell relating to Greenpeace and Nigeria.

Legacy and Contributions

Beyond Shell, Jennings was deeply involved in academia and business. He served as Chancellor of Loughborough University and vice-chairman of the London Business School. He also held prominent positions in organizations like Bechtel, Toyota’s advisory board, and several energy ventures.

Jennings’ contributions extended to advancing lower-carbon technologies and mentoring young talent within Shell. His advocacy for innovation and fairness had a lasting impact on the energy sector and the people he worked with.

A Balanced Perspective

Despite the controversies that marred parts of his tenure, Jennings is remembered as a leader who combined technical expertise with genuine empathy. His dedication to resolving disputes, fostering dialogue, and balancing corporate interests with ethical responsibilities earned him respect from allies and critics alike.

Sir John Jennings passed away on August 29, 2024, leaving behind his wife, Linda, two children from his first marriage, and a legacy of leadership marked by integrity and a commitment to fairness.

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At the 1996 annual meeting of Shell Transport and Trading the chairman, John Jennings, called for a minute’s silence “to pause for quiet reflection in the spirit of reconciliation”. It was six months after worldwide outrage at the execution of the author Ken Saro-Wiwa and nine other Ogoni activists on the orders of the Nigerian president, Sani Abacha. They had been protesting against Shell’s pollution of the Niger Delta, but were found guilty of arranging the deaths of four pro-government Ogoni leaders. Another 19 rebels, then on death row, were not released until after Abacha died in 1998.

The tension in the room at the Queen Elizabeth Hall on London’s South Bank was matched outside, where 200 demonstrators banged African drums and waved banners demanding…

Sir John Jennings, former Chairman of Shell Transport and Trading Company was first posted on December 4, 2024 at 9:59 pm.
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