Oil CEO says blaming the energy industry for the climate crisis ‘like blaming farmers for obesity’
DUBAI, United Arab Emirates —The chief executive of UAE-based energy firm Crescent Petroleum on Tuesday claimed that blaming the oil and gas industry for the climate crisis “is like blaming farmers for obesity.”
His comments come at the mid-point of the U.N.’s biggest and most important annual climate conference, with many at the COP28 talks in Dubai calling for heads of state from nearly 200 countries to agree to a fossil fuel phase out.
The burning of coal, oil and gas is by far the largest contributor to climate change, accounting for more than three-quarters of global greenhouse gas emissions.
“Blaming the producers of oil and gas for climate change is like blaming farmers for obesity. It’s our societal consumption that is the issue,” Crescent Petroleum CEO Majid Jafar told CNBC’s Dan Murphy on Tuesday.
“Now, we will still need oil and gas throughout the transition and there is no scenario, even the most ambitious scenario, that does not include that.”
Majid Jafar, chief executive officer of Crescent Petroleum Co., right, gives Sultan Ahmed Al Jaber, chief executive officer of Abu Dhabi National Oil Co. (ADNOC) and president of COP28, center, a scarf in the colours of the United Arab Emirates national flag during the Summit on Methane and Other Non-CO2 Greenhouse Gases on day three of the COP28 climate conference at Expo City in Dubai, United Arab Emirates, on Saturday, Dec. 2, 2023.
Bloomberg | Bloomberg | Getty Images
Among a flurry of pledges in the first few days of COP28 was a commitment by some 50 oil and gas companies to cut methane emissions from their own operations by 2030.
U.N. Secretary-General António Guterres said that the announcement was “a step in the right direction” for Big Oil and showed that the fossil fuel industry was “finally starting to wake up.” However, he said the promises made “clearly fall short of what is required.”
Asked about Guterres’ comments, Jafar said he believed oil and gas would continue to play a major role in the transition to cleaner energy technologies.
“So, with all respect for that viewpoint, perhaps he should start with the U.N. itself. Maybe he should have traveled here in a wooden boat, with sails, rowing when the wind died down,” he said.
“Maybe he should move the U.N. staff to upstate New York to a forest somewhere where they can grow their own food, without fertilizers. He has to take away all their smartphones, they can’t use email, they can use maybe carrier pigeon for U.N. communications.”
IEA warning to Big Oil
Jafar said he believed it was imperative to produce oil and gas in a “cleaner” way but insisted that countries across the globe will continue to rely on fossil fuel use.
“We’re actually failing on all three legs of the so-called energy trilemma: sustainability, affordability and availability. We have got to keep that in mind,” he said.
Big Oil’s presence at the U.N. climate talks has long been a source of contention, with many sharply critical of the scale of access that fossil fuel lobbyists appear to have each year.
Others, including former U.S. Energy Secretary Ernest Moniz, believe that the participation of energy giants should be welcomed at events such as COP28.
The International Energy Agency said late last month that the fossil fuel industry faces a “moment of truth” about their role in the global energy system and the climate crisis.
“With the world suffering the impacts of a worsening climate crisis, continuing with business as usual is neither socially nor environmentally responsible,” the IEA’s Birol said on Nov. 23.
“The industry needs to commit to genuinely helping the world meet its energy needs and climate goals,” he added.
Environment
NYC’s new 15 MPH speed limit for e-bikes goes into effect next month, but cars still get a pass
New York City’s new 15 mph speed limit for electric bikes is officially set to take effect next month, in what city officials claim is a move to improve street safety. But not everyone is convinced the crackdown is targeting the real threat on the roads.
The new limit, approved earlier this year, applies to e-bikes, mopeds, and other micromobility vehicles operating in city bike lanes. Riders caught exceeding 15 mph could face warnings or citations, though the exact enforcement strategy remains murky. The NYPD says it will focus on “education first,” but given the city’s track record, that could just be the calm before the ticket storm.
The rule comes amid growing concerns from some residents and officials about rising speeds among e-bike riders, especially delivery workers who often rely on throttle-equipped bikes to meet tight deadlines. But while the new speed cap is aimed at micromobility vehicles, there’s a noticeable omission: cars, trucks, and SUVs, which continue to be allowed to travel at 25 mph – and in practice, often much faster – even though they pose exponentially more risk to vulnerable road users and are responsible for orders of magnitude more deaths each year.
It’s a move that raises eyebrows and has resulted in thousands of publicly-submitted comments that the New York Department of Transportation has seemingly ignored.
After all, the majority of traffic fatalities in New York City don’t involve e-bikes. They involve cars. And while some e-bike riders certainly ride irresponsibly, the blanket limit nearly cuts in half the more widely accepted e-bike speed limits used around the US, and doesn’t even apply to pedal bikes, which can easily exceed such speeds despite nearly identical average weights when factoring in the vehicle and rider. Not to mention, it ignores the critical role that e-bikes play in reducing traffic congestion and emissions, especially in the delivery and commuting sectors.
So while New York is slowing down its most efficient and sustainable form of urban transport, it’s letting the real heavyweights keep their speed. If the goal is safety, then it’s fair to ask: why aren’t cars being asked to go 15 mph too?
Because once again, it seems the rules are written for the powerful – not the vulnerable.
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Environment
Tesla is now buying ads on Elon Musk’s X to get people to vote for his $1 trillion compensation
Tesla is now buying advertising on Elon Musk’s X (formerly Twitter) to get Tesla shareholders to vote for his CEO compensation package worth up to $1 trillion in stock options.
Tesla, under Elon Musk’s leadership, has famously been against advertising. The CEO is even on the record saying that he “hates advertising” and that “other companies spend money on advertising and manipulating public opinion, Tesla focuses on the product.”
However, that was before he acquired Twitter, now X, which relies heavily on advertising.
After that, he started to push Tesla to do some advertising, but the company quickly stopped or greatly reduced its advertising efforts.
We reported that Tesla’s advertising effort picked back up last week, starting with a few Google ads to encourage Tesla shareholders to vote for Musk’s new unprecedented CEO compensation package worth up to $1 trillion.
The automaker is in a full-on marketing blitz to convince shareholders to vote for the package and to allow Tesla to issue more shares in exchange.
Now, Tesla is even buying social media ads to push shareholders to vote for Musk’s compensation package and they are even buying ads on Musk’s privately owned platform, X:
They are also buying ads on Instagram, Facebook, and Reddit.
As we previously reported, Tesla’s board has claimed that voting for the compensation package will determine the future of Tesla.
Musk went even further and linked his compensation package to the future of the world.
Earlier today, the CEO claimed that his compensation plan is not about money, but about control over Tesla:
It’s not about “compensation”, but about me having enough influence over Tesla to ensure safety if we build millions of robots. If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future.
The CEO previously threatened Tesla shareholders not to build AI products at Tesla, despite claiming they were critical to the company’s future, if he doesn’t get 25% control over the company.
Electrek’s Take
The CEO of a publicly traded company threatens shareholders to gain control over the company and uses company funds to purchase ads that benefit his privately held company, with the goal of persuading the shareholders of the publicly traded company to give him more money.
If that’s not late-stage capitalism, I don’t know what is.
Also, I know I won’t shock anyone here, but Elon is lying about this not being about money.
If he wants to increase his percentage of Tesla shares, he could do exactly what his friend Larry Ellison did with Oracle and do long-term buybacks. It would benefit everyone, but it’s not what he wants. He wants the shiny new stock options.
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