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Shell CEO Supports Biden's Climate Law: 'All Good'

Company: Our Community Media
Location: Grand Rapids
Posted on: July 2, 2024

Job Description:

Shell CEO Supports Biden's Climate Law: 'All Good' 24 Share TL/DR -Shell's CEO, Wael Sawan, has endorsed President Joe Biden's climate agenda, praising the bipartisan infrastructure law and Inflation Reduction Act for attracting capital and creating jobs across different states. Sawan called for greater stability in terms of incentives for climate technology and the permitting of liquefied natural gas (LNG), highlighting the potential of LNG to offset coal use in power and industrial processes. However, he criticized the Biden administration's decision to pause new LNG export permits and the watering down of Shell's near-term climate commitments, stating the company now aims to cut emissions by 15% by 2030 from 2016 levels.
Shell CEO Endorses President Biden's Climate AgendaShell's CEO Wael Sawan, surprisingly endorsed President Joe Biden's climate agenda on Tuesday. During an event by a centrist think tank, the Center for Strategic and International Studies, Sawan praised the bipartisan infrastructure law and Inflation Reduction Act (IRA) for attracting significant capitals across different states and creating jobs.Although Shell's support of the IRA may not be completely unexpected, Sawan's robust defense of U.S. climate policy is striking considering the upcoming elections where the White House and Congress control is at stake. The oil industry has been promised tax cuts for electric vehicles and wind power, plus expansion of drilling on federal lands by former President Donald Trump, who is running against Biden.Sawan, who is visiting Capitol Hill, calls for stability and predictability in terms of climate technology incentives and the permitting process of liquefied natural gas (LNG). He emphasized the importance of these factors for making critical investments that would shape the future of the energy system.His primary criticism of the Biden administration hinged on its decision to pause new LNG export permits pending a full review of the climate impacts of the LNG building boom. However, Sawan underscored LNG's potential as a lower-carbon solution and its ability to displace coal in power generation and some industrial processes in Asia and Europe.Sawan, who became Shell's CEO last year, has softened the company's near-term climate commitments. Investors supported this diluted goal at Shell's annual meeting. Despite these adjustments, the company still aims to achieve net-zero emissions by 2050.Democratic lawmakers have long been probing Shell and other oil industry players for alleged misinformation dissemination to hinder global efforts to move away from fossil fuels. However, Sawan stated that their recent referral to the Department of Justice hasn't led to any new developments. He expects a lengthy process in assessing the situation.
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Keywords: Our Community Media, Grand Rapids , Shell CEO Supports Biden's Climate Law: 'All Good', Executive , Grand Rapids, Michigan

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