Connect with us

Published

2 years ago

on

Shell recently reported its highest-ever annual profit of nearly $40 billion.

Paul Ellis | Afp | Getty Images

Shell‘s directors are being personally sued for allegedly failing to adequately manage the risks associated with the climate emergency in a first-of-its-kind lawsuit that could have widespread implications for how other companies plan to cut emissions.

Environmental law firm ClientEarth, in its capacity as a shareholder, filed the lawsuit against the British oil major’s board at the high court of England and Wales on Thursday.

It alleges 11 members of Shell’s board are mismanaging climate risk, breaching company law by failing to implement an energy transition strategy that aligns with the landmark 2015 Paris Agreement.

The claim, which has the backing of institutional investors with over 12 million shares in the company, is said to be the first case in the world seeking to hold a board of directors liable for failure to properly prepare for the energy transition.

“Shell may be making record profits now due to the turmoil of the global energy market, but the writing is on the wall for fossil fuels long term,” Paul Benson, senior lawyer at ClientEarth, said in a statement.

“The shift to a low-carbon economy is not just inevitable, it’s already happening. Yet the Board is persisting with a transition strategy that is fundamentally flawed, leaving the company seriously exposed to the risks that climate change poses to Shell’s future success — despite the Board’s legal duty to manage those risks,” Benson said.

We hope the whole energy industry sits up and take notice.

Mark Fawcett

Chief Investment Officer at Nest

The group of investors supporting the claim include U.K. pension funds Nest and London CIV, Swedish national pension fund AP3, French asset manager Sanso IS and Danske Bank Asset Management, among others. Altogether, the institutional investors hold more than half a trillion U.S. dollars in total assets under management.

“We do not accept ClientEarth’s allegations,” a Shell spokesperson said. “Our directors have complied with their legal duties and have, at all times, acted in the best interests of the company.”

“ClientEarth’s attempt, by means of a derivative claim, to overturn the board’s policy as approved by our shareholders has no merit. We will oppose their application to obtain the court’s permission to pursue this claim,” they added.

Shell, which is aiming to become a net-zero emissions business by 2050, said it believes its climate targets are Paris-aligned.

ClientEarth said leading third-party assessments have suggested this is not the case, however, noting Shell’s strategy excludes short to medium-term targets to cut the emissions from the products it sells, known as Scope 3 emissions, despite this accounting for over 90% of the firm’s overall emissions.

The aspirational goal of the Paris Agreement is to pursue efforts to limit global heating to 1.5 degrees Celsius above pre-industrial levels by slashing greenhouse gas emissions. The fight to keep global heating under 1.5 degrees Celsius is widely regarded as critically important because so-called tipping points become more likely beyond this level. These are thresholds at which small changes can lead to dramatic shifts in the Earth’s entire support system.

To be sure, the burning of fossil fuels, such as oil and gas, is the chief driver of the climate emergency.

Big Oil profit bonanza

The case comes shortly after Shell reported its highest-ever annual profit of nearly $40 billion.

The energy giant’s 2022 earnings smashed its previous annual profit record of $28.4 billion in 2008 and were more than double the firm’s full-year 2021 profit of $19.3 billion.

Shell CEO Wael Sawan described 2022 as a “huge year” for the company, saying he felt privileged to be stepping into the role he started on Jan. 1.

“As we look ahead, I think we have a unique opportunity to be able to succeed as the winner in the energy transition. We have a portfolio that I think is second to none,” Sawan said.

Shell’s results came as part of a Big Oil profit bonanza last year, bolstered by soaring fossil fuel prices and robust demand since Russia’s full-scale invasion of Ukraine.

Activists from Greenpeace set up a mock-petrol station price board displaying the Shell’s net profit for 2022 as they demonstrate outside the company’s headquarters in London on Feb. 2, 2023.

Daniel Leal | Afp | Getty Images

Nest Chief Investment Officer Mark Fawcett said the case against Shell’s board of directors showed investors were prepared to challenge those who aren’t deemed to be doing enough to transition their business.

“We hope the whole energy industry sits up and takes notice,” Fawcett said.

Separately, London CIV’s Head of Responsible Investment Jacqueline Amy Jackson said, “In our view, a Board of Directors of a high-emitting company has a fiduciary duty to manage climate risk, and in so doing, consider the impacts of its decisions on climate change, and to reduce its contribution to it.”

“We consider that ClientEarth’s claim is in our client funds’ interests as a shareholder of Shell, and we support it,” Jackson added.

Related Topics:
Continue Reading

Environment

Trump admin halts $5 billion NY offshore wind project mid-build

Published

3 hours ago

on

April 17, 2025

By

Trump admin halts billion NY offshore wind project mid-build

Equinor Empire Wind
Photo: Equinor

In its most aggressive attack against offshore wind yet, the Trump administration halted the $5 billion Empire Wind 1, already under construction off New York’s coast.

Norwegian developer Equinor announced yesterday that it received notice from the Bureau of Ocean Energy Management (BOEM) ordering Empire Wind 1 to halt all activities on the outer continental shelf until BOEM has completed its review. Interior Secretary Doug Burgum posted this tweet yesterday:

Burgum gave no indication of what insufficiencies there were in the approval process for the fully permitted offshore wind project, despite Trump’s recent declaration of a national energy emergency that speeds up permitting processes.

The commercial lease for the 810-megawatt (MW) Empire Wind 1’s federal offshore wind area was signed in March 2017 during the first Trump administration. It was approved by the Biden administration in November 2023 and began construction in 2024.

Advertisement – scroll for more content

The project is being developed under contract with the New York State Energy Research and Development Authority (NYSERDA). Empire Wind 1, which was due to come online in 2027, has the potential to power 500,000 New York homes.

“Halting construction of fully permitted energy projects is the literal opposite of an energy abundance agenda,” said American Clean Power Association CEO Jason Grumet in a statement. “We encourage the administration to quickly address perceived inadequacies in the prior permit approvals so that this project can complete construction and bring much-needed power to the grid.”

As Electrek reported, Equinor secured $3 billion to finance Empire Wind 1 in January. The total amount drawn under the project finance term loan facility as of March 31 was around $1.5 billion. 

As of March 31, Empire Wind has a gross book value of around $2.5 billion, including South Brooklyn Marine Terminal (pictured above), which was expected to become the US’s largest dedicated port facility for offshore wind.

In response to BOEM’s stop work order, New York Governor Kathy Hochul issued the following statement:

Every single day, I’m working to make energy more affordable, reliable and abundant in New York and the federal government should be supporting those efforts rather than undermining them. Empire Wind 1 is already employing hundreds of New Yorkers, including 1,000 good-paying union jobs as part of a growing sector that has already spurred significant economic development and private investment throughout the state and beyond.

As Governor, I will not allow this federal overreach to stand. I will fight this every step of the way to protect union jobs, affordable energy and New York’s economic future.

Equinor says it’s considering appealing BOEM’s order.

To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Jackery Earth Day Sale takes up to 50% off units with bonus savings, G-Force moto-style ZM e-bike at $800 off, Greenworks, more

Published

4 hours ago

on

April 17, 2025

By

Jackery Earth Day Sale takes up to 50% off units with bonus savings, G-Force moto-style ZM e-bike at 0 off, Greenworks, more

Leading today’s Green Deals is Jackery’s Earth Day Sale that is taking up to 50% off power stations, with many of them being marked down from the brand’s short-term Easter savings, complete with bonus savings. Among the lineup, we spotted the expandable Explorer 2000 Plus Portable Power Station bundled with a 500W solar panel at its $1,614 low. Coming up right behind it is G-Force Bikes’ Spring Sale with up to $800 in e-bike savings, the largest of which is on the moto-styled ZM All-Terrain Fat Tire e-bike that starts at $1,199 for an 80-mile trekking single-battery setup, with a double battery option not much higher. Lastly, we have a one-day-only new low price on the Greenworks 1,900 PSI Steel-Framed Electric Pressure Washer at $118, as well as a bonus cleaner attachment deal. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s Earth Day savings on both Bluetti power stations and Lectric’s e-bike bundles, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Invest in sustainable power for on-the-go and home backup at up to 50% off with Jackery’s Earth Day Sale from $90

Jackery has officially launched its Earth Day Sale through April 25 which is lowering many of its previous Easter offers with up to 50% off a collection of power stations, solar generators, and some accessories – and we’re also seeing on-page promo codes for extra savings. One such bundle gives you the brand’s Explorer 2000 Plus Portable Power Station with a 500W solar panel for $1,614.05 shipped, after using the promo code EXTRA5 at checkout for an additional 5% off. It’s already coming down from its usual $2,949 price tag, with the bonus savings dipping that price further, back to the best we’ve seen from some of this year’s previous events. You’re looking at a combined 45% markdown here, putting $1,335 back in your pocket and equipping you with an expandable means for on-the-go and at-home backup power at the lowest price we have tracked. Like most of the deals in this sale, you’ll find this package beating out its Amazon pricing too, where it’s currently sitting $307 higher.

Grabbing this Jackery Explorer 2000 Plus bundle starts you off with a 2,042Wh LiFePO4 capacity that can support up to five extra batteries that increase things to 12,000Wh – plus, there’s the option to continue expansion with two of these setups being linked together to reach 24,000Wh. Power output here provides a steady 3,000W through the 10 ports, surging to 6,000W for larger needs, which becomes its regular output levels within expanded setups. It also has a 1,200W maximum solar input, which recharges the battery to full in two hours with six 200W panels (so around 5+ hours with the bundle here). You can also have the battery recharged via a wall outlet in two hours as well, though this doesn’t account for expandable setups.

Advertisement – scroll for more content

***Note: The extra 5% off discount has not been factored into the prices below – be sure to use the code EXTRA5 at checkout for the maximum savings!

Jackery Earth Day flash offers (through April 18):

Jackery’s Earth Day Sale home backup deals:

Jackery’s Earth Day Sale appliance backup deals:

Jackery’s Earth Day Sale outdoor backup deals:

Jackery’s accessory deals:

You can shop through Jackery’s entire Earth Day Sale on the landing page here.

G-Force ZM All-Terrain e-bike

G-Force Spring Sale drops moto-styled ZM all-terrain e-bike with 80-mile range to $1,199

G-Force Bikes is having a Spring Sale running through the rest of the month that is also being billed as a “last-chance sale” before prices increase due to tariffs, with the brand providing a countdown clock on its site. Among the up to $800 we’re seeing across the brand’s lineup of e-bikes, we spotted the ZM All-Terrain Fat Tire e-bike down at $1,199 shipped. Normally fetching $1,999 direct from the brand, with third-party sites pricing it as high as $2,499, the discounts we have tracked over the last year have mainly been seen dropping costs between $1,299 and $1,499. It’s getting the maximum savings during this sale at $800 off, dropping it to the lowest price we can find while also giving you a pair of HD wide-angle rearview mirrors free of charge, valued at $49.

The G-Force ZM e-bike borrows heavily from motorcycle styling while still retaining a street-legal class 3 status, equipped with a 750W brushless gear hub motor that can peak as high as 1,300W to deliver up to 86Nm of torque power, topping out at 28 MPH speeds. What’s more, for such an affordable price, it also provides some extensive traveling range, with the standard 20Ah single-battery option carrying you 60 to 80 miles with its five PAS levels or you can double that to 120 to 160 for just $200 more with the 40Ah dual-battery setup.

For such a low price, there’s a nice array of quality features that it brings along, like the full suspension, with an adjustable front fork and rear system for smoother riding, along with hydraulic disc brakes for guaranteed stopping power, and 20-inch puncture-resistant tires with fenders over each for those off-road ventures. That’s not all, as you’ll also find it has a 400-pound payload, a 48V LED headlight, an integrated rear light with braking functionality, a 7-speed Shimano derailleur, a wear-resistant padded bench seat with room for a passenger, a half-twist throttle for electric cruising, and a large color LCD with a USB port for charging up devices as you ride, particularly nice if you use your phone as a GPS.

G-Force’s other Spring Sale e-bike deals:

Greenworks 1,900 PSI electric pressure washer

Get rid of muck with this steel-framed Greenworks 1,900 PSI electric pressure washer at new $118 low (Today only)

As part of its Deals of the Day, Best Buy is offering the best rate yet on the Greenworks 1,900 PSI Steel-Framed Cold Water Electric Pressure Washer for $117.99 shipped. This model usually goes for $200 in full, with the discounts we’ve seen taking things as low as $120 over the past year. That rate is getting beaten out here by $2 for the rest of the day only, providing you a total of $82 in savings and marking a new all-time low. You won’t find this model currently available at Amazon, nor is it getting any discounts direct from Greenworks either. Below, you’ll also find a secondary one-day-only deal on a cleaning attachment that amplifies its capabilities.

Sporting a durable open steel frame design, the 13A motor on this Greenworks pressure washer provides you with up to 1,900 PSI at a 1.2 GPM flow rate to tackle the muck and grime along driveways, walkways, and the like. You won’t need to wrestle with pull strings, as it starts up with the press of a button, not to mention its electrical functionality, getting rid of the fumes and costs from gas – plus, it even has a waterproof plug at the end of its 35-foot power cord to ensure extra protection. You’ll have on-board storage for the included nozzles, the hose, and the metal spray gun, as well as an integrated soap tank for detergent when you need some extra cleaning power.

A secondary deal lasting the rest of the day that compliments the above or any of the brand’s pressure washers, is the 12-inch Surface Cleaner Attachment for $20.99 shipped, down from $40. It has a quick-connect feature for a faster and more effortless setup, with dual cleaning nozzles on its underside to level up the pressure washer’s cleaning power and coverage area.

Best Spring EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

China cracks down on automated driving features after Tesla’s FSD launch

Published

5 hours ago

on

April 17, 2025

By

China cracks down on automated driving features after Tesla's FSD launch

Tesla FSD v12.5

Just after Tesla launched its ‘Full Self-Driving’ package, in China, the country announced that it cracking down on automated driving features with new limitations.

In February, Tesla launched a first version of its “Full Self-Driving” FSD package in China for owners with the latest “Hardware 4.0”, or “HW4”, vehicles.

Most of the features under Tesla’s FSD package have been limited to North America due to Tesla training its system for this market first and due to regulatory limitations in other markets.

Shortly after Tesla launched FSD in China, the American automaker had to pause its rollout due to updated requirements from China’s Ministry of Industry and Information Technology (MIIT).

Advertisement – scroll for more content

Now, MIIT has confirmed that it held a meeting with automotive industry stakeholders yesterday, and it has further clarified the rollout of advanced driver assistance (ADAS) features.

CNEV reported on the meeting:

Car companies were asked to refrain from using words like “self-driving,” “autonomous driving,” “smart driving,” “advanced smart driving,” and instead use the term “combined assisted driving” to avoid misleading consumers, according to the minutes of the meeting.

Tesla had already changed the name from ‘Full Self-Driving’ to “Intelligent Assisted Driving” following the launch in China.

Based on a statement from MIIT, the meeting focused on enforcing the previously announced updated requirements that launched right after Tesla introduced FSD in China (translated from Chinese):

The meeting emphasized that automobile manufacturers must deeply understand the requirements of the “Notice”, fully carry out combined driving assistance testing and verification, clarify the system functional boundaries and safety response measures, and must not make exaggerations or false propaganda. They must strictly fulfill their obligation to inform, and truly assume the main responsibility for production consistency and quality safety, and truly improve the safety level of intelligent connected vehicle products.

Regulators want automakers to reduce the frequency of new software updates and instead focus on extended testing before releasing new updates.

The last few months have been quite chaotic for ADAS systems in China. Along with Tesla’s FSD release, several Chinese companies released their systems, including BYD, Xiaomi, and Huawei.

Xiaomi reported a fatal accident in which its ADAS system was active just seconds before the crash, and Tesla owners using FSD racked up thousands of dollars in fines due to FSD making mistakes.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending