Message From the Editor
Oil and gas investors are anticipating hefty dividend checks to close out 2021. Following a decade of red ink — capped by a devastating 2020 when oil prices briefly went negative — fracking-focused companies finally made some money this year. Yet, a new report is throwing doubt on the U.S. government’s overly optimistic fracking forecast. Read more here. Meanwhile, our UK team has published two big analyses this week. The first maps the network of powerful agribusiness groups lobbying to water down the European Union’s sustainable farming targets. Agrochemical and pesticide giants like Bayer and BASF are pushing for weaker action on harmful chemicals and climate goals. Daniela de Lorenzo and Rachel Sherrington have the story.
The second piece examines the push for hydrogen to reveal a sprawling network of lobby groups, PR firms, and consultancies, many of them funded by oil and gas companies. This comes as hydrogen has rocketed the European legislative agenda in recent years, with politicians of all stripes touting its potential to help countries meet their climate goals. Alice Wright takes a look.
Have a story tip or feedback? Get in touch: editor@desmog.com.
Thanks,
Brendan DeMelle
Executive Director P.S. Readers like you make it possible for DeSmog to hold accountable powerful people in industry and government. Even a $10 or $20 donation helps support DeSmog’s investigative journalism. Oil and gas investors are anticipating hefty dividend checks to close out 2021. Following a decade of red ink — capped by a devastating 2020 when oil prices briefly went negative — fracking-focused companies finally made some money this year. High energy prices and a slower pace of drilling allowed North America’s shale firms to harvest a bumper crop of cash through the summer and fall. They’re now returning much of that bounty to investors, rather than just plowing it back into new wells. Yet a new analysis from earth scientist David Hughes, writing for the nonprofit Post Carbon Institute, suggests that the industry’s future may not be nearly so bright. READ MORE In February 2021, German agribusiness giant BASF hosted a virtual wine tasting, a seemingly cozy affair swirling glasses of Portugal’s finest in front of a webcam debating the future of EU agricultural policies. Invited to the event was a small group of Members of the European Parliament (MEPs). The MEPs invited were spoiled for choice, as BASF generously delivered six small bottles of fine wines for their enjoyment. Like many corporations, the global COVID-19 pandemic and lack of usual in-person events meant they had to get creative about how to shape the political debate and find new allies to support their agendas. READ MORE Hydrogen has shot up the European legislative agenda in recent years, with politicians of all stripes touting its potential to help countries meet their climate goals. The UK government’s Hydrogen Strategy, launched in August, promises to develop a “thriving low carbon hydrogen sector” as a “key plank” of its climate plans, and the fuel was given pride of place at a “Hydrogen Transition Summit” hosted in Glasgow during the recent UN climate talks. READ MORE Oregon’s 15-year battle against the Jordan Cove LNG project quietly came to an end on December 1, bringing relief to dozens of landowners that live in the path of the proposed project. It was an anti-climactic end to one of the most controversial fossil fuel projects ever proposed in the Pacific Northwest. Pembina, the backer of Jordan Cove LNG and the Pacific Connector gas pipeline that would have fed the export terminal, submitted a request to the Federal Energy Regulatory Commission (FERC) to cancel its authorization, citing the company’s inability to obtain state environmental permits. READ MORE Despite countless investigations, lawsuits, social shaming, and regulations dating back decades, the oil and gas industry remains formidable. After all, it has made consuming its products seem like a human necessity. It has confused the public about climate science, bought the eternal gratitude of one of America’s two main political parties, and repeatedly out-maneuvered regulatory efforts. And it has done all this in part by thinking ahead and then acting ruthlessly. While the rest of us were playing checkers, its executives were playing three-dimensional chess. Take this brief tour of the industry’s history, and then ask yourself: Is there any doubt that these companies are now plotting to keep the profits rolling in, even as mega-hurricanes and roaring wildfires scream the dangers of the climate emergency? READ MORE Fertilizers Europe (FE) is a trade group representing the fertilizer industry in the European Union. According to its website, FE represents 16 corporate members, including German agrichemical giant BASF and Norwegian fertilizer company Yara, as well as seven national fertilizer associations. Yara and BASF are major producers of fossil fuel-based fertilizers, also called mineral fertilizers. It’s one among many companies and trade groups profiled in DeSmog’s Agribusiness Database. Read the full profileand browse other individuals and organizations in our Climate Disinformation Database and Koch Network Database | 