Patrick Pouyanné, CEO of oil and gas giant TotalEnergies, signaled that the U.S. climate law is likely to boost his company’s U.S. investments as its low-carbon business lines grow, Ben writes.
- Driving the news: “The U.S. might be a land of excellence for us because the Inflation Reduction Act is a good incentive,” he said in an Atlantic Council event.
- Why it matters: Pouyanné did not provide specifics, but the law provides new or expanded incentives for hydrogen, renewable power, and other areas where Europe-based oil majors are expanding work.
- The intrigue: The CEO also made several statements touting the long-term future of natural gas, even as petro-giants face criticism for not moving faster on non-carbon sources. Full interview
Exxon is boosting corporate focus on its energy trading arm as part of a wider reorganization, per a company memo that envisions “industry-leading trading results.”
- Why it matters: Commodity trading is often lucrative for companies like Shell and BP, and now Exxon is looking to compete more aggressively.
- Driving the news: The new global trading unit will “bring together our expertise from across the company in global crude, products and feedstocks, natural gas, power, and freight trading,” the memo states.
“Shell’s directors are being personally sued for allegedly failing to adequately manage the risks associated with the climate emergency in a first-of-its-kind lawsuit that could have widespread implications for how other companies plan to cut emissions,” CNBC reports.