Big oil companies face backlash on both sides of the Atlantic
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 27 May 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Tesla is set to pay for chips in advance to overcome the global chip shortage, and Amazon locks in its $8.45bn acquisition of MGM. Plus, the FT’s US energy editor, Derek Brower, explains what a court case against Royal Dutch Shell and a historic proxy vote at ExxonMobil means for the oil industry and the environment.
Climate activists hail breakthrough victories over Exxon and Shell
https://www.ft.com/content/fa9946b9-371b-46ff-b127-05849a1de2da?
Amazon-MGM: Will MGM be Amazon’s ticket to the big leagues?
https://www.ft.com/content/97d2edb8-355c-4af0-9f00-8b0a65d818f1
Tesla set to pay for chips in advance in bid to overcome shortage
https://www.ft.com/content/49459668-7eab-4589-8338-059e06b9fd8a?
Iran bans bitcoin mining as power cuts grip country
https://www.ft.com/content/be0c8a04-9a58-4926-83f3-b99141c4f721?
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Thursday, May 27th, and this is your FT news briefing. |
| 0:09.0 | Climate activism dealt a 1-2-3 punch to the fossil fuel industry yesterday, |
| 0:14.0 | and some of the world's biggest oil companies felt the impact. If he's Derek Brower talks about |
| 0:18.9 | what it means for big oil. Plus, a mega deal will bring James Bond to the house that Jeff Bezos built. |
| 0:24.8 | We'll have more on the Amazon MGM deal, and Tesla may have a way to steer clear of the global chip |
| 0:31.0 | shortage. I'm Mark Filipino, and here's the news you need to start your day. |
| 0:40.5 | We'll start with the news that almost got lost. Shareholders of Chevron approved a proposal for |
| 0:46.3 | the US oil major to reduce certain emissions. Now, on any other day, that would have been big news. |
| 0:54.2 | If it hadn't been for what happened at Exxon Mobile, in a historic move, Exxon shareholders |
| 0:59.4 | voted against the company and supported a shift away from fossil fuels. And if that wasn't enough, |
| 1:05.7 | another oil company, Royal Dutch Shell was ordered by a Dutch court to lower its emissions by |
| 1:11.2 | a dramatic 45% by 2030. To help me digest all of this, I spoke to the FT's Derek Brower, |
| 1:17.6 | and he started by talking about the significance behind the shell ruling. |
| 1:21.6 | Well, we need to see what Shell does next first. We need to see if they try to challenge this. |
| 1:26.1 | Wouldn't look very good if they were to go back to court to try and challenge the court that |
| 1:30.6 | told them it wasn't doing enough for the planet, frankly. But that's a question for them. |
| 1:35.2 | In terms of their business, it says, frankly, that all the language, all the talk that we've heard |
| 1:40.8 | from European supermagers about how they are somehow part of the decarbonisation agenda. |
| 1:45.9 | A court has just said, in Shell's case, it isn't really. It's wrong. You're not doing enough. |
| 1:50.6 | You have to do more, and you have to do quite a lot more. Isn't it aggressive cuts that it's |
| 1:54.2 | calling for? So Shell, if it is going to observe what the ruling that this court has handed down, |
| 2:00.1 | well, actually, you have to change its business. I mean, that's a significant thing. |
... |
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