1
developing and producing crude oil and natural gas globally.”143
158.
2
Likewise, while Shell orchestrated an entire public relations campaign around
3
energy transitions towards net zero emissions, a fine-print disclaimer in its 2016 net-zero pathways
4
report reads: “We have no immediate plans to move to a net-zero emissions portfolio over our
5
investment horizon of 10–20 years.”144
159.
6
BP, appearing to abide by the representations Lord Browne made in his speech
7
described in paragraph 153 above, engaged in a rebranding campaign to convey an air of
8
environmental stewardship and renewable energy to its consumers. This included renouncing its
9
membership in the GCC in 2007, changing its name from “British Petroleum” to “BP” while
10
adopting the slogan “Beyond Petroleum,” and adopting a conspicuously green corporate logo.
11
However, BP’s self-touted “alternative energy” investments during this turnaround included
12
investments in natural gas, a fossil fuel, and in 2007 the company reinvested in Canadian tar sands,
13
a particularly high-carbon source of oil.145 The company ultimately abandoned its wind and solar
14
assets in 2011 and 2013, respectively, and even the “Beyond Petroleum” moniker in 2013.146
160.
15
After posting a $10 billion quarterly profit, Exxon in 2005 stated that “We’re an oil
16
and gas company. In times past, when we tried to get into other businesses, we didn’t do it well.
17
We’d rather re-invest in what we know.”147
161.
18
Even if Defendants did not adopt technological or energy source alternatives that
19
would have reduced use of fossil fuels, reduced global greenhouse gas pollution, and/or mitigated
20
the harms associated with the use and consumption of such products, Defendants could have taken
21
other practical, cost-effective steps to reduce the use of their fossil fuel products, reduce global
22
greenhouse gas pollution associated therewith, and mitigate the harms associated with the use and
23
24
25
26
27
28
SHER
EDLING LLP
143
ConocoPhillips Form 10-K, U.S. Securities and Exchange Commission Webpage (Dec. 31, 2012),
https://www.sec.gov/Archives/edgar/data/1163165/000119312513065426/d452384d10k.htm.
144
Energy Transitions Towards Net Zero Emissions, Shell (2016), https://drive.google.com/
file/d/0B_L1nw8WLu0Bbi1QWnJRcHlZblE/view (accessed Nov. 6, 2018).
145
Fred Pearce, Greenwash: BP and the Myth of a World ‘Beyond Petroleum’, THE GUARDIAN (Nov. 20, 2008),
https://www.theguardian.com/environment/2008/nov/20/fossilfuels-energy.
146
Javier E. David, ‘Beyond Petroleum’ No More? BP Goes Back to Basics, CNBC (Apr. 20, 2013),
http://www.cnbc.com/id/100647034.
147
James R. Healy, Alternate Energy Not in Cards at ExxonMobil, USA TODAY (Oct. 28, 2005),
https://usatoday30.usatoday.com/money/industries/energy/2005-10-27-oil-invest-usat_x.htm.
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