{"id":77910,"date":"2023-06-08T01:07:49","date_gmt":"2023-06-08T01:07:49","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/06\/08\/exxon-wants-the-eu-to-follow-the-steps-of-us-over-climate-action-shell-green-ad-campaign-gets-the-ax-over-being-misleading\/"},"modified":"2023-06-08T01:07:49","modified_gmt":"2023-06-08T01:07:49","slug":"exxon-wants-the-eu-to-follow-the-steps-of-us-over-climate-action-shell-green-ad-campaign-gets-the-ax-over-being-misleading","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/06\/08\/exxon-wants-the-eu-to-follow-the-steps-of-us-over-climate-action-shell-green-ad-campaign-gets-the-ax-over-being-misleading\/","title":{"rendered":"Exxon wants the EU to follow the steps of US over climate action + Shell \u2018green\u2019 ad campaign gets the ax over being misleading"},"content":{"rendered":"<p><strong>Exxon wants the EU to let the market be:<\/strong> The EU should follow the example of US policy with regards to climate action and \u201clet the market work\u201d to avoid pushing companies away with limiting rules, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-07\/exxon-ceo-tells-europe-to-follow-us-approach-to-climate-action\">Bloomberg<\/a> reports, citing comments made by Exxon Mobil CEO Darren Woods. \u201cI think it\u2019s a huge mistake to be picking winners and losers and focusing on specific technologies,\u201d Woods said. \u201cInstead we should be looking more broadly at letting the markets figure out which solutions provide the most emissions reductions for the lowest cost.\u201d<\/p>\n<p><strong>Pass the subsidies:<\/strong> Woods was referring to the Biden administration\u2019s landmark Inflation Reduction Act passed last year, which offers USD 370 bn in tax subsidies to slash carbon emissions. The package is stirring interest in CCS technologies, which are otherwise seen as costly and likely to fail. Exxon has committed to spending USD 17 bn on low-carbon initiatives until 2027, including plans for carbon capture.<\/p>\n<p><strong>OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n<ul>\n<li><strong>Italy-based Eni <\/strong>energy company\u2019s renewables subsidiary <strong>Eni Plenitude<\/strong> has completed construction of a <strong>utility scale battery plant <\/strong>with an installed capacity of 15 MW in the Italian island of Sardinia. The plant will be complemented with an energy storage unit totaling 9 MW. (<a href=\"https:\/\/www.reuters.com\/business\/energy\/enis-plenitude-completes-first-utility-scale-battery-plant-italy-2023-06-07\/\">Reuters<\/a>)<\/li>\n<li><strong>A Shell advertising campaign<\/strong> promoting green initiatives has been <strong>banned in <\/strong><strong>the UK<\/strong> for not making it clear to consumers that most of the company\u2019s business is based on <strong>fossil fuels<\/strong>. (<a href=\"https:\/\/www.theguardian.com\/business\/2023\/jun\/07\/shells-green-ad-campaign-banned-in-uk-for-being-likely-to-mislead\">The Guardian<\/a>)<\/li>\n<li><strong>Japanese financial conglomerate <\/strong><strong><a href=\"https:\/\/www.sbigroup.co.jp\/english\/\">SBI Holdings<\/a><\/strong> and <strong>climate tech startup <\/strong><strong><a href=\"https:\/\/earthene.com\/corporate\/en\">Asuene<\/a><\/strong> established a Japan-based <strong>JV<\/strong> for <strong>regional carbon trading<\/strong> called <strong>CarbonEX<\/strong>. The exchange will host both private-sector voluntary credits and non-fossil certificates. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-07\/sbi-forms-joint-venture-to-set-up-carbon-exchange-in-japan?srnd=green\">Bloomberg<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Exxon wants the EU to let the market be: The EU should follow the example of US policy with regards to climate action and \u201clet the market work\u201d to avoid pushing companies away with limiting rules, Bloomberg reports, citing comments made by Exxon Mobil CEO Darren Woods. \u201cI think it\u2019s a huge mistake to be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77911,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[70,166,11,368,344,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-bess","tag-enterpriseclimate","tag-fossil-fuels","tag-greenwashing","tag-shell","wpautop","entry"],"acf":{"mongo_id":"716c75be-25e6-450c-a1cb-a595f3761253","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1370.jpg","photo_position":"above","related_issue":[77892],"teaser":"","voice_url":""},"yoast_head":"<!-- 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