Once again in 2021, Texas Laws passed This restricts the state from dealing with companies that are hostile to fossil fuel and firearm industries. Lone Star State has prevented pensions and other government entities from investing in about 350 funds that enhance the environment, social and governance, also known as ESG, claiming that investing in ESG does not work in the best financial interests of its customers.
To be closed, the country with the republican tendencies banned the giants of Wall Street Citigroup Inc. , Blackrock Inc. , Barclays PLC And members Safi zero banking allianceSaying Esg is “… just a hate factory.The ESG control movement has since gained a traction, most of which target financial services such as banks, pension funds, asset managers, as well as the energy sector.
And now a New report Globaldata reveals how the United States has become an emerging wave of ESG anti -emotions all over the world. The report refers to a Pleiades strategy follow This reveals that a total of 370 ESGs law has been submitted to the legislative bodies of 40 US states between 2021 and 2024.
Globaldata notes that while a few of these bills were signed in the law, this does not indicate that the ESG control movement has weakened. In fact, an analysis was found by ropes and Al -Gray that the ESG control bills in 2024 have a much higher success rate than that in previous years, indicating that the engineers of these bills have become more effective in formulating legislative challenges.
It is not surprising that the ESG control movement has gained tremendous momentum since Donald Trump was re -elected as an American president.
Trump has retracted many climate work policies by the previous administration, aimed at DEI policies and issued executive orders prohibiting investment in ESG. Trump Jameel Jamil Bill (obbba) It has retracted many clean energy balances made by former President Joe Biden under the IRA 2022 law. While OBBA did not cancel the 45V section directly, the credits of clean hydrogen tax 45V, as well as the deadline, was accelerated, where the deadline for projects to start construction was accelerated, which raises the credit to the front. The final to December 31, from January, from January, 203, 20333312311231231231231231231231231111231123. IRA Law (IRA) for 2022.
Trump’s anti -trial actions are similar to his position in his first term when he revealed more than 100 climate policies. there Estimates Nearly 28 billion dollars of wind, solar and EV and batteries have been late or canceled since Trump took office, with 3,000 possible jobs.
“Since President Trump was re -elected in November 2024, ESG’s anti -movement efforts have been making ShockedAnd all companies (and not only those in the financial services industry) lies within the scope of the movementThe Globaldata report says. “Trump has revealed many climate work policies for the previous administration, and issued executive requests that prohibit investing in ESG and aims to Dei’s policies“
Meanwhile, the efforts made by the European Union to simplify the organizational scene often witnessed the bloc chip towards ESG control, with the increasing right -wing populism that enhances climate doubts around the world. International markets have opposed the provision of ESG standards through initiatives such as the regulation of sustainable financing (SFDR) and the European Green Connect that imposes sustainability criteria through the request to detect risks related to ESG. Globaldata predicted that the ESG control movement will eventually affect companies in all industries, including institutions and other entities that have already been completely independent.
It is not surprising that major oil companies expand their investments in clean energy. Last year, the oil and gas giant Exxon Mobil Company (Now: om) Declare It will not move forward with one of the largest low -carbon hydrogen projects in the world if the federal government fails to provide tax incentives for the facilities fueled by natural gas. Current instructions provide incentives for projects that produce “green” hydrogen using water and renewable energy, but Exxon wants to extend to the “blue” hydrogen of gas by besieging carbon emissions. This is interesting because Exxon CEO, Darren Woods, previously expressed doubts about the effectiveness of carbon when reducing emissions because “…Technology is working on high -focused currents of gases“
BP Inc. (NYSE: BP) Detection of the niqab Less aggressive strategy This (1) requires a slower decrease in the source and previous plans to cancel the refining; (2) Focus more on hydrogen in the margin and biofuels as well as external winds; And (3) higher spending in both oil and gas as well as low carbon.
According to the company, the new strategy will provide higher shareholders, especially for the company after it has cut relations with Russia Roseph. The BP share was approximately 20 % in Rosneft in adding several billion dollars to the end result each year. In April, BP announced that it abandons its hydrogen ambitions in favor of LNG Transport. Then in July, the European oil allowance announced it It will come out Green hydrogen production is worth $ 36 billion in Australia. BP has informed its Australian Partners in the field of renewable energy (ARH) that it would leave its role as a project operator and a stock holder.
PLC shell. (NYSE: Shel) has revealed that it had canceled plans to build a low -carbon hydrogen factory in Norway, citing the request. A few days later, noc in Norway Asa (NYSE: EQNR) announced similar plans. ”We did not see the blue hydrogen market to come true and decided not to progress in the project,A spokesman for a shell told Reuters.
Written by Alex Kimani Oilprice.com
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