Thread by @Tom_Swann

Didn't even get their lobby group to do it for them. A shockingly bad ad by Woodside, claiming to be proud climate while trying to stop action on climate.

Thread 1/

Last week the WA EPA issued a new guidance in which they will recommend all new mega projects (esp: fossil fuel extraction) offset their emissions. EPA cites the lack of any policy at the federal level. They're right, LNG is pushing Oz emissions up and up, with no constraint 2/

So how do the gas giants respond? With a full on "carbon war", claiming the policy creates uncertainty, kills jobs, and hurts the climate. Going the full scomo... 3/

FACT: even in WA the giant gas corporations are small employers. The entire industry employs just 1% of all workers in the state, less than arts and rec. @TheAusInstitute research:

tai.org.au/sites/default/… /4

FACT: the oil and gas companies know, indeed tell their investors in legal statements, that they face risks from increased climate action.

Here is Woodside telling investors, in econobabble in their annual report, that climate action might impact their profit. /5

FACT: the EPA's recommended carbon offsets would apply only to new projects and those under review.

New projects = no question of uncertainty.

Existing projects under review, like Gorgon and Wheatstone, already have legal requirements to offset or sequester their emissions. /6

FACT: offsets at current market prices would be a tiny share of cash margins for these giant gas projects.

How can these projects be "resilient" to a carbon constrained future, like the gas corps keep telling us, but collapse when they face such a small additional cost? /7

The gas companies want you to believe their product will displace coal (conceding exports impact world emissions) but /never/ support the call for no new coal mines, nor a rapid phase out of coal power, policies that on their logic would boost their market... /8

FACT: Australia, like all other parties to the Paris Agreement, agreed, in the text of Paris, that our current pledge is not enough & we like everyone else will have to "ratchet" up our targets.

Crap target aside, Australia's CO2 is rising not falling -- due to LNG /9

Norway's sovereign wealth fund is colosal (because they tax their oil rationally). They are now getting out of major oil companies with no credible plan to decarbonise.

In other words, world's biggest fund to dump our friends at Woodside. /10

e24.no/energi/oljefon…

The other day a senior manager from an oil company complained about policy uncertainty. He said if the government set clear policy, energy companies could get on with it.

I reminded him that #exxonknew and #shellknew decades ago their product would crash the climate /11

I reminded him the oil industry had spent hundreds of millions lying, confusing, and holding back public understanding and concern.

I pointed out oil majors are being litigated big time for this behaviour, especially by US states, & big oil may well cop it just like tobacco /11

He looked at me stunned. Three seconds of awkward silence. I regret changing the topic.

/12

What can investors do?

https://twitter.com/Tom_Swann/status/1105059026017038336?s=19

PS you need to also read this:

https://twitter.com/justdanfornow/status/1105012213499158528

💥“The gas industry cannot say it is essential for action climate change, and at the same time push back at the first sign of governments actually taking action on climate change.” @RichieMerzian 💥

https://twitter.com/BenOquist/status/1105041739541143552