{"id":63257,"date":"2024-04-30T09:39:27","date_gmt":"2024-04-30T16:39:27","guid":{"rendered":"https:\/\/energi.media\/?p=63257"},"modified":"2024-04-30T09:39:27","modified_gmt":"2024-04-30T16:39:27","slug":"climate-pragmatists-tout-fossil-investment-as-big-companies-fall-short-on-pledges","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/climate-pragmatists-tout-fossil-investment-as-big-companies-fall-short-on-pledges\/","title":{"rendered":"\u2018Climate pragmatists\u2019 tout fossil investment as big companies fall short on pledges"},"content":{"rendered":"

This article was published by The Energy Mix<\/a> on April 29, 2024.\u00a0<\/em><\/p>\n

By Mitchell Beer<\/strong><\/em><\/p>\n

Some of the world\u2019s biggest financial operators appear to be adopting a new \u201cclimate pragmatism\u201d that favours short-term investments in fossil fuels, even as new research shows the world\u2019s biggest businesses falling behind in setting and meeting meaningful net-zero targets.<\/p>\n

In their latest annual letters to shareholders, JPMorgan Chase CEO Jamie Dimon and BlackRock CEO Larry Fink call respectively for a \u201crealpolitik\u201d approach to climate goals and a new form of \u201cenergy pragmatism\u201d, Time magazine\u00a0reports<\/a>, as they to navigate U.S. culture wars that have alt-right critics accusing them of \u201cgreen wokeism\u201d.<\/p>\n

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Dimon\u2019s letter\u00a0calls<\/a>\u00a0it \u201cenormously na\u00efve\u201d to try to shut down oil and gas extraction, contending that \u201cone of the best ways to reduce CO2 for the next few decades is to use gas to replace coal\u201d and citing liquefied natural gas exports as a \u201cgreat economic boon\u201d to the United States.<\/p>\n

\u201cTrade is\u00a0realpolitik<\/em>, and the\u00a0recent cancellation<\/a>\u00a0of future liquified natural gas (LNG) projects is a good example of this fact,\u201d Dymon told shareholders. \u201cThe projects were delayed mainly for political reasons\u2014to pacify those who believe that\u00a0gas is bad<\/a>\u00a0and that oil and gas projects should\u00a0simply be stopped<\/a>.\u201d<\/p>\n

Fink, who in\u00a0past years<\/a>\u00a0has\u00a0drawn attention<\/a>\u00a0for his more climate-forward commentary,\u00a0devoted<\/a>\u00a0a section of his shareholder letter to what he called \u201cenergy pragmatism\u201d, a call for infrastructure investment to reflect the \u201cmega force\u201d of the energy transition while accepting that most parts of the world will \u201crely on hydrocarbons for a number of years\u201d to assure their energy security.<\/p>\n

\u201cI\u2019m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call \u2018energy pragmatism\u2019,\u201d he wrote, citing conversations with political and business leaders in 17 countries.<\/p>\n

\u201cThese leaders believe that the world still needs both. They were far more pragmatic about energy than dogmatic. Even the most climate conscious among them saw that their long-term path to decarbonization will include hydrocarbons, albeit less of them, for some time to come.\u201d<\/p>\n

\u201cWhat do \u2018realpolitik\u2019 and \u2018energy pragmatism\u2019 mean in more concrete terms?\u201d asks Time senior correspondent Justin Worland. \u201cIt\u2019s almost self-evident that embracing fossil fuels isn\u2019t good for efforts to meet climate targets. Burning these energy sources is what causes climate change, after all,\u201d and \u201cbuilding new gas infrastructure risks locking the fossil fuel into the energy mix for decades to come.\u201d<\/p>\n

But \u201cthe acceptance of gas doesn\u2019t mean a wholesale abandonment of climate finance,\u201d Worland adds. \u201cIndeed, both letters include an embrace of opportunities to finance the energy transition,\u201d with Fink citing nearly $140 billion in energy transition-aligned finance, compared to $300 billion in fossil fuels and other traditional energy forms. \u201cDimon, for his part, cites client interest in continuing to finance clean energy infrastructure and the growth opportunities unlocked if the world spends the trillions necessary to meet climate targets.\u201d<\/p>\n

But those distinctions don\u2019t add up for science commentator Anjana Ahuja, who\u00a0scorches<\/a>\u00a0the new \u201cpragmatists\u201d in a post-Earth Day opinion piece for the Financial Times. With multiple new analyses showing a cascade of heatwaves, wildfires, storms, floods, and resulting\u00a0multi-trillion-dollar losses<\/a>, and with alpine glaciers losing one-tenth of their mass in the last two years, pragmatism \u201cis too kind a label,\u201d she writes. \u201cThose watering down efforts to limit global temperature rises should instead be regarded as \u2018hot earthers\u2019\u2014defenders of an outdated status quo and comparable, in their rejection of reality, to the flat-earthers who resist the concept of curvature.\u201d<\/p>\n

Elsewhere, a new analysis concludes that while the world\u2019s biggest publicly-traded companies aren\u2019t doing a great job of pursuing robust emission reduction targets, a far smaller proportion of large, privately-held businesses have set net-zero or emission reduction targets or explained how they\u2019ll deliver on their promises.<\/p>\n

\u201cThe good news is that, weighted by annual revenue, net zero targets now cover nearly 80 per cent of the world\u2019s largest 2,000 publicly listed companies, up from less than 20 per cent in 2020,\u201d even if \u201cthe integrity and clarity of these targets are weak,\u201d reports<\/a>\u00a0[pdf]\u00a0<\/em>Net Zero Tracker, a project of the UK\u2019s Energy & Climate Intelligence Unit, the Data Driven Envirolab, the NewClimate Institute, and Oxford Net Zero.<\/p>\n

\u201cThe not-so-good news is that the picture at the privately-owned company level looks much worse,\u201d with only 40 of the world\u2019s 100 biggest enterprises reporting climate targets as of this month, an increase of only eight since October, 2022, compared to 70 of the publicly-held corporations.<\/p>\n

\u201cAs the corporate world of net zero moves from being defined by bottom-up voluntary efforts to top-down mandatory rules, private companies not only continue to trail behind their publicly-owned counterparts by around half on net zero intent, they trail behind on the integrity of their strategies to get there,\u201d the report states.<\/p>\n

\u201cDozens of private companies in the largest markets in the world\u2014the EU, the U.S. and China\u2014still do not have net zero or emission reduction targets,\u201d it adds. \u201cAs the regulatory landscape develops around them, staying silent on net zero increases transition risks for themselves, and undermines collective emission-cutting efforts by governments and other non-state entities.\u201d<\/p>\n

That finding underscores \u201cthe mounting transition risks faced by those neglecting to address their emissions and\/or ignoring the regulatory landscape that is increasingly seeking to mandate climate action.\u201d<\/p>\n

Net Zero Tracker\u00a0reports<\/a>\u00a0that:<\/p>\n

\u2022 82 of the public companies, but only 52 of the private ones, had net-zero or emission reduction targets.<\/p>\n

\u2022 Nine of the 10 biggest public companies, but only four of the biggest private ones, had expressed even a rhetorical commitment to net-zero.<\/p>\n

\u2022 Of the companies with published commitments, 80 per cent of the public companies but only 20 per cent of the private firms had published plans to deliver on their pledges.<\/p>\n

\u2022 Only two of those eight, multinational furniture giant IKEA and engineering consultancy Bechtel, have ruled out\u00a0deeply controversial<\/a> carbon credits as a path to their net-zero goals. Some 63 per cent of the private companies and 57 per cent of the publicly-listed ones have published interim targets en route to net zero.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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This article was published by The Energy Mix on April 29, 2024.\u00a0 By Mitchell Beer Some of the world\u2019s biggest financial operators appear to be adopting a new \u201cclimate pragmatism\u201d that favours short-term investments in [Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":63258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[109,41,216,80,14,2604,1740],"class_list":{"0":"post-63257","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-climate-change","9":"tag-energy","10":"tag-energy-transition","11":"tag-environment","12":"tag-featured","13":"tag-investments","14":"tag-money"},"acf":[],"yoast_head":"\nenergy pragmatism - Thoughtful Journalism About Energy's Future<\/title>\n<meta name=\"description\" content=\"JPMorgan Chase and BlackRock call for a \u201crealpolitik\u201d approach to climate goals and a new form of \u201cenergy pragmatism\u201d.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energi.media\/news\/climate-pragmatists-tout-fossil-investment-as-big-companies-fall-short-on-pledges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"energy pragmatism - 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