'Watershed Move' by Total to Leave American Petroleum Institute Over Climate Policy, Ceres Says

SOURCE: Ceres

DESCRIPTION:

January 15, 2021 /3BL Media/ - Andrew Logan, Ceres’ director of oil and gas, released the following statement following the news that Total has become the first oil major to leave the American Petroleum Institute over its stance on climate policies. 

“Total’s decision to leave the American Petroleum Institute over its stance on climate policy is a significant move that is likely to mark the beginning of an exodus from the trade group. Other European oil majors like Shell, BP and Equinor have committed to leave trade associations that aren’t aligned with their own positioning on climate policy, and it is clear that a change in administration in the U.S. has not led to a change in thinking on the part of API. Total’s move will also raise pressure on peers like ExxonMobil who argue that they are trying to change API’s positions from within. This is a serious blow for API, whose influence largely stems from its claim to be the voice of the entire oil and gas industry. If additional companies follow API’s lead, it will end up as just one trade association among many in an increasingly divided industry.”

Ceres is a sustainability nonprofit organization and a founding partner of Climate Action 100+ - the world’s largest investor engagement initiative engaging some of the largest greenhouse gas emitters to take the necessary action on climate change, including aligning their trade association memberships with their climate policy positions. Total is one of 167 focus companies engaged through the initiative.

Tweet me: Total’s decision to leave the American Petroleum Institute over climate policy is likely to mark the beginning of an exodus from the trade group. Read why @ALoganCeres says this is a "serious blow" for API: https://bit.ly/3nKLhaX

KEYWORDS: CERES, Andrew Logan

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.