![]() He would learn that a Special Report of the Intergovernmental Panel on Climate Change concluded that what it termed “rapid and far-reaching” transitions would need to be made across major sectors of the global economy if we are going to keep global warming to 1.5 degrees Celsius above pre-industrial levels, the target set at the Paris Agreement. If Rip were influential in Washington, he would be barraged with digital ads for the Climate Leadership Council’s plan.īut Rip would also be confronted with troubling news of heat waves, drought, flooding, and wildfires, all of whose increased frequency and severity is attributable to climate change. Big Oil also helped design a proposal it could get behind to establish a carbon price in the United States: BP, ExxonMobil, and Shell pledged $1 million each in support of the Climate Leadership Council’s “carbon fee and dividend” proposal, and ConocoPhillips pledged $2 million. ![]() ExxonMobil TV ads tout its investments in algal biofuels, Chevron offers electric car charging at gas stations, BP spots on National Public Radio boast of turning garbage into fuel, Shell has acquired a British utility company that now sells only electricity from renewable sources, and the American Petroleum Institute claims to be leading the world in cutting greenhouse gases. If Rip had fallen asleep after the Paris climate agreement was drafted in 2015 and woken up today, he might conclude that the fossil fuel industry is rapidly transforming itself to prepare for a carbon-constrained world. ![]() Imagine Rip Van Winkle as a climate-conscious investor. ![]()
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