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.

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