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U.S. oil majors fall behind on climate, European lead

Major European oil companies are making major efforts to reduce greenhouse gas emissions to fight climate change. American majors are dragging their behinds.

Royal Dutch Shell pledged Tuesday to slash carbon emission by 50 percent and boost investment in clean, renewable energy. CEO Ben van Beurden promised to spend at least $2 billion on on wind power, biofuels and electric cars, about the same amount it will spend on shale oil.

“It is making sure that the products within society have an overall lower carbon footprint,” Beurden told investors, according to the Guardian newspaper. “That is the long-term way of making sure our business remains a relevant business in the face of the energy transition.”

The company has been a consistent leader in addressing climate change, moving away from oil and investing more in natural gas. While the $2 billion investment remains small, Shell’s leading the way in its commitment to reduce emissions, including the construction of a carbon capture project in Canada.

American oil companies, meanwhile, are slow-walking their efforts to address climate change. Two weeks ego Exxon Mobil joined Shell and BP in promising to reduce methane emissions from oil and gas operations, but the company set no goals. FULL ARTICLE

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