{"id":31106,"date":"2022-05-27T16:05:38","date_gmt":"2022-05-27T16:05:38","guid":{"rendered":"https:\/\/wdev.pogustgoodhead.com\/opinions\/big-oils-black-wednesday-one-year-on\/"},"modified":"2023-04-14T09:06:37","modified_gmt":"2023-04-14T09:06:37","slug":"big-oils-black-wednesday-one-year-on","status":"publish","type":"opinions","link":"https:\/\/wdev.pogustgoodhead.com\/nl\/opinions\/big-oils-black-wednesday-one-year-on\/","title":{"rendered":"Big Oil\u2019s \u2018Black Wednesday\u2019 One Year On"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31106\" class=\"elementor elementor-31106 elementor-19476\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-45d0661f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"45d0661f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-73e9cf9\" data-id=\"73e9cf9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37655e2 elementor-widget elementor-widget-text-editor\" data-id=\"37655e2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Author: <a href=\"#elementor-action%3Aaction%3Dpopup%3Aopen%26settings%3DeyJpZCI6MTQ2MTAsInRvZ2dsZSI6ZmFsc2V9\">Emma O&#8217;Brien,<\/a> Associate<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-69228040 elementor-widget elementor-widget-text-editor\" data-id=\"69228040\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">\u2018Black Wednesday for big oil\u2019, as the media<span style=\"font-size: 8pt;\">1<\/span> dubbed it on 26 May 2021, was the day when some of the biggest players in the industry \u2013 ExxonMobil, Chevron, and Shell \u2013 suffered a \u201cstunning series of defeats\u201d which appeared to mark a turning point in attitudes towards the fossil fuel industry.<span style=\"font-size: 8pt;\">2&nbsp;\n<\/span><\/span><\/pre>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Within the space of 24 hours, ExxonMobil faced a coup from activist hedge fun Engine No.1, which replaced three board members with its own candidates who favoured a transition towards a greener strategy for the company;<span style=\"font-size: 8pt;\">3<\/span> Chevron shareholders voted 61% in favour of a proposal which would force the company to cut its \u2018Scope 3\u2019 carbon emissions<span style=\"font-size: 8pt;\">;4<\/span> and, in a landmark decision in the Netherlands, Shell was forced to reduce its carbon emissions by 45% compared to 2019 levels by 2030 <span style=\"font-size: 8pt;\">5<\/span> after Milieudefensie (Friends of the Earth Netherlands) and others won their court case. &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">These dramatic and unprecedented moments took place against the backdrop of the International Energy Agency\u2019s publication earlier that same month of the report <span style=\"text-decoration: underline;\">\u2018<a style=\"color: #000000; text-decoration: underline;\" href=\"https:\/\/iea.blob.core.windows.net\/assets\/4719e321-6d3d-41a2-bd6b-461ad2f850a8\/NetZeroby2050-ARoadmapfortheGlobalEnergySector.pdf\">Net Zero by 2050: A Roadmap for the Global Energy Sector<\/a>\u2019,<\/span> which warned (among other things) that oil companies must stop all new projects immediately in order to curb global warming.<span style=\"font-size: 8pt;\">6<\/span> The prevailing feeling at the time was one of cautious optimism, with widespread commentary suggesting that the fossil fuel-based economy was beginning to unravel<span style=\"font-size: 8pt;\">.7&nbsp;<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">But, one year on, can it be said that \u2018Black Wednesday\u2019 represented a true inflection point for the fossil fuel industry? Has the internal and external pressure on big oil been translated into meaningful change? Have we seen any indication that carbon supermajors are shifting their business models, or have such intentions been derailed by unprecedented factors outside their control over the past 12 months?&nbsp;&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\"><b>The impact of &#8216;Black Wednesday&#8217;<\/b><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\"><b>COP26<\/b>&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">There have been several climate milestones in the 12 months since \u2018Black Wednesday\u2019, the most significant being COP26, which was held last autumn in Glasgow and had fossil fuels (particularly coal) at the top of the agenda. &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Representatives from nearly 200 countries came together to formulate goals to combat climate change, with a number of concrete plans materialising in the <span style=\"text-decoration: underline;\"><a style=\"color: #000000; text-decoration: underline;\" href=\"https:\/\/unfccc.int\/process-and-meetings\/conferences\/glasgow-climate-change-conference-october-november-2021\/outcomes-of-the-glasgow-climate-change-conference\">Glasgow Climate Pact<\/a>,<\/span> which included agreements to \u2018phase down\u2019 coal production, cut methane emissions and stop deforestation. Pledges were made by richer countries to assist vulnerable countries financially in adapting to a world less reliant on fossil fuels<span style=\"font-size: 8pt;\">,8<\/span> and the parties agreed to come together again in Egypt in November 2022 to build on the progress made at COP26.&nbsp;&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Now, six months after the conference, there has been little evidence of substantive progress on the part of the largest polluting countries.<span style=\"font-size: 8pt;\">9 &nbsp;<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">The pace of change at a global level is inevitably slow, but some of the goals emerging from COP26 seem unconscionably unambitious, such as India\u2019s pledge (as the world\u2019s third largest emitter of greenhouse gases after the US and China) to achieve net-zero by 2070,<span style=\"font-size: 8pt;\">10<\/span> and the limitations of the global methane pledge to reduce emissions by just 30% by 2030.<span style=\"font-size: 8pt;\">11&nbsp;<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Ambitions to \u2018phase down\u2019 coal (softened from the original wording of \u2018phase out\u2019 to win the support of India and China) have been impeded by the war in Ukraine; the global rise in energy and food prices means resources earmarked for climate finance have been diverted; and deforestation shows no signs of slowing.<span style=\"font-size: 8pt;\">12 &nbsp;<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">In short, Alok Sharma\u2019s repeated assurance in his closing speech at COP26 that \u201c[w]e are making progress\u201d has not been borne out in reality.<span style=\"font-size: 8pt;\">13&nbsp;<\/span>&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\"><b>Intergovernmental Panel on Climate Change\u2019s report<\/b>&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">This is confirmed by a February 2022 <span style=\"text-decoration: underline;\"><a style=\"color: #000000; text-decoration: underline;\" href=\"https:\/\/www.ipcc.ch\/report\/ar6\/wg2\/\">report<\/a> <\/span>by the Intergovernmental Panel on Climate Change, which examined the threats posed by climate change and found that countries are not doing nearly enough to mitigate the impact of global warming.<span style=\"font-size: 8pt;\">14<\/span> &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">According to the report, vulnerable areas already suffering from the effects of record droughts, devastating floods, and rising sea levels will continue to experience increasingly frequent natural disasters, and the geographical spread of these disasters is expanding. The report was described as \u201can atlas of human suffering and a damning indictment of failed climate leadership\u201d by UN secretary general Ant\u00f3nio Guterres and is a stark warning of what is to come if the world does not grapple with its reliance on fossil fuels.<span style=\"font-size: 8pt;\">15&nbsp;<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\"><b>Russia\u2019s invasion of Ukraine<\/b>&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Another significant event of the past year which is inextricably linked to the fortunes of the fossil fuel industry is Russia\u2019s invasion of Ukraine on 24 February this year. The war precipitated a \u201cglobal energy crisis\u201d and has prompted renewed conversations about the world\u2019s reliance on fossil fuels, particularly Russian oil and gas.<span style=\"font-size: 8pt;\">16&nbsp;&nbsp;<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Western powers have made commitments to reduce their fuel imports from Russia:&nbsp;&nbsp;<\/span><span style=\"font-family: monospace, monospace; font-size: 1em; white-space: pre-wrap; color: var( --e-global-color-text ); font-weight: var( --e-global-typography-text-font-weight );\">&nbsp;<\/span><\/p>\n<ul>\n<li>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">- The UK is committing to phasing out Russian oil in 2022;<span style=\"font-size: 8pt;\">17 &nbsp;<\/span><\/span><\/pre>\n<\/li>\n<li>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">- The US is banning imports of Russian oil, liquified natural gas and coal;<span style=\"font-size: 8pt;\">18 &nbsp;<\/span><\/span><\/pre>\n<\/li>\n<li>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">- and the EU is moving toward a total import ban.<span style=\"font-size: 8pt;\">19&nbsp;<\/span><\/span><\/pre>\n<\/li>\n<\/ul>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Corporations have also moved away from Russian oil, with international oil majors like Shell Plc and Total Energies SE pledging to stop sourcing oil from Russia altogether.<span style=\"font-size: 8pt;\">20<\/span> <\/span><\/pre>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Although exports of fossil fuels have been reduced by such measures, continuing global reliance on Russian oil and gas means Russia can charge higher tariffs <span style=\"font-size: 8pt;\">22<\/span>,&nbsp; creating a \u2019catch-22\u2018 where sanctions on Russia contribute to higher fuel prices for the countries imposing such sanctions.&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">The true impact of boycotts and embargoes has yet to be seen, however, with Russian oil revenue reportedly up 50% in the first few months of 2022.<span style=\"font-size: 8pt;\">21&nbsp;<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">The war has been presented by some as an opportunity to move away from reliance on fossil fuels altogether. Sceptics note that the Covid-19 pandemic presented a similar opportunity, which was ultimately wasted as energy consumption returned to pre-pandemic levels following a short-lived dip.<span style=\"font-size: 8pt;\">23<\/span> &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Nonetheless, there has been some more optimistic rhetoric, such as Germany\u2019s finance minister noting the country\u2019s intention to accelerate investment in renewables, calling clean energy the \u201cenergy of freedom\u201d.<span style=\"font-size: 8pt;\">24<\/span> The sense of urgency around the transition away from Russian energy sources has the potential to be framed as a general move away from fossil fuels, and a further impetus to invest in cleaner, greener energy.&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\"><b>The fallout from the Shell decision? <\/b>&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Following the Dutch court\u2019s ruling last May, Shell confirmed it would file an appeal,<span style=\"font-size: 8pt;\">25<\/span> which it did on 22 March 2022.<span style=\"font-size: 8pt;\">26<\/span> This was followed by a letter from the claimants (Friends of the Earth\/Milieudefensie) on 24 April to Shell\u2019s boards and individual representatives, including CEO Ben van Beurden, claiming that the company was not acting to implement the verdict pending appeal.<span style=\"font-size: 8pt;\">27<\/span> (The court had made clear that their decision was provisionally enforceable and so had an immediate effect, despite any appeal that Shell might pursue.<span style=\"font-size: 8pt;\">28<\/span>)&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Since the decision, Shell has also moved its headquarters to the UK, a decision they claimed would \u201cmake the company more agile, improving its ability to respond to the demands of the transition.\u201d<span style=\"font-size: 8pt;\">29<\/span> However, this has been seen by some as a reflection of the deterioration in relations with the Dutch government following the court\u2019s decision.<span style=\"font-size: 8pt;\">30<\/span>&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Relatedly, on 15 March 2022, ClientEarth launched legal action against the Board of Directors of Shell in the English courts, seeking to hold the company liable for mismanaging climate risk and failing to prepare for the transition to more sustainable energy sources.<span style=\"font-size: 8pt;\">31<\/span> They are challenging Shell\u2019s board using a \u2018derivative action\u2019, which is a claim brought by a shareholder on behalf of the company.<span style=\"font-size: 8pt;\">32<\/span> &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">They argue that, by failing to adopt and implement a climate strategy that meaningfully aligns with the Paris Agreement goal to keep global temperature rises to below 1.5\u00b0C by 2050, the Board has breached its duties under sections 172 and 174 of the UK Companies Act, which legally requires it to act in a way that promotes the company\u2019s success, and to exercise reasonable care, skill and diligence.&nbsp;&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Legal action against corporations has typically represented a small proportion of rights-based climate litigation to date, but as ClientEarth\u2019s action against Shell shows, this type of case is becoming increasingly common.<span style=\"font-size: 8pt;\">33<\/span> &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\"><b>The growth of climate-related litigation against companies<\/b>&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">The growth of climate-related litigation against companies is one of the positive takeaways from the past 12 months. Notable examples include:&nbsp;<\/span><\/p>\n<ol>\n<li>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">1. A case was taken by 11 NGOs against the French supermarket chain, Casino, for violating France\u2019s duty-of-vigilance law by supporting South America\u2019s cattle industry which contributes to deforestation (March 2021);<span style=\"font-size: 8pt;\">34<\/span><\/span><\/pre>\n<\/li>\n<li>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">2. A challenge to pork producer Danish Crown\u2019s claims of how \u2018climate friendly\u2019 its pork is (May 2021);<span style=\"font-size: 8pt;\">35<\/span><\/span><\/pre>\n<\/li>\n<li>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\"> 3. Securities litigation in the US against Oatly for greenwashing (July 2021);<span style=\"font-size: 8pt;\">36<\/span><\/span><\/pre>\n<\/li>\n<li>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">4. A case was filed against German gas and oil company Wintershall Dea AG challenges its carbon emissions target (October 2021)<span style=\"font-size: 8pt;\">37<\/span>.<\/span><\/pre>\n<\/li>\n<\/ol>\n<pre><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">The diversity and proliferation of these cases show the exciting potential of legal action against corporations, particularly in Europe, where 2022 has already been described as a \u201cbanner year\u201d for climate litigation.<span style=\"font-size: 8pt;\">38&nbsp;<\/span><\/span><\/pre>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">At PGMBM, we are no strangers to taking legal action against large multinationals for their impact on the environment, such as against BHP over the Mariana Dam disaster and the car companies over the Dieselgate emissions scandal. &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Legal pressure on polluting corporations (including big oil) through climate litigation, combined with the executive unease evidenced by \u2018Black Wednesday\u2019s\u2019 shareholder rebellions, demonstrate an appetite for a transition away from fossil fuels and for holding carbon majors accountable for their environmental impact. &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\"><b>One year on&#8230;<\/b>&nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">Nonetheless, one year on from a reported \u201csea change\u201d in the climate battle, it remains to be seen whether the tide has truly turned against big oil.<span style=\"font-size: 8pt;\">39&nbsp;&nbsp;<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">If urgent, meaningful progress is to be made, the climate-focused energy and intentions demonstrated on \u2018Black Wednesday\u2019 need to be harnessed more effectively. &nbsp;<\/span><\/p>\n<p><span style=\"color: #000000; font-size: 12pt; font-family: Georgia, Palatino;\">As UN climate advisor Rachel Kyte said recently, \u201c2021 was about ambition \u2013 2022 is about following through.\u201d<span style=\"font-size: 8pt;\">40<\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-size: 8pt;\">***&nbsp;<\/span><\/p>\n<p><span style=\"font-size: 8pt;\">REFERENCES&nbsp;<br><span class=\"TextRun BlobObject DragDrop SCXW215351462 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW215351462 BCX0\" data-fontsize=\"10\">1<\/span><\/span><span class=\"TextRun SCXW215351462 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215351462 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW215351462 BCX0\" href=\"https:\/\/www.theguardian.com\/environment\/2021\/may\/29\/black-wednesday-for-big-oil-as-courtrooms-and-boardrooms-turn-on-industry\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW215351462 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW215351462 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.theguardian.com\/environment\/2021\/may\/29\/black-wednesday-for-big-oil-as-courtrooms-and-boardrooms-turn-on-industry<\/span><\/span><\/a><span class=\"TextRun SCXW215351462 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW215351462 BCX0\" data-ccp-parastyle=\"footnote text\">;&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW215351462 BCX0\" href=\"https:\/\/www.ft.com\/content\/67ad6163-da6b-4671-95a5-fe85a307d9d0\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW215351462 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" 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data-ccp-charstyle=\"Hyperlink\">https:\/\/www.theguardian.com\/environment\/2021\/may\/29\/black-wednesday-for-big-oil-as-courtrooms-and-boardrooms-turn-on-industry<\/span><\/span><\/a><span class=\"TextRun SCXW176077605 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW176077605 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><span class=\"EOP SCXW176077605 BCX0\" data-ccp-props=\"{\">&nbsp;<\/span><br><span class=\"TextRun BlobObject DragDrop SCXW146184677 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW146184677 BCX0\" data-fontsize=\"10\">3<\/span><\/span><span class=\"TextRun SCXW146184677 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW146184677 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW146184677 BCX0\" href=\"https:\/\/www.reuters.com\/business\/little-engine-no-1-beat-exxon-with-just-125-mln-sources-2021-06-29\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW146184677 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW146184677 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.reuters.com\/business\/little-engine-no-1-beat-exxon-with-just-125-mln-sources-2021-06-29\/<\/span><\/span><\/a><span class=\"TextRun SCXW146184677 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW146184677 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><span class=\"EOP SCXW146184677 BCX0\" data-ccp-props=\"{\">&nbsp;<br><span class=\"TextRun BlobObject DragDrop SCXW30510777 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW30510777 BCX0\" data-fontsize=\"10\">4<\/span><\/span><span class=\"TextRun SCXW30510777 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW30510777 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW30510777 BCX0\" href=\"https:\/\/www.reuters.com\/business\/energy\/chevron-shareholders-approve-proposal-cut-customer-emissions-2021-05-26\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW30510777 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW30510777 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.reuters.com\/business\/energy\/chevron-shareholders-approve-proposal-cut-customer-emissions-2021-05-26\/<\/span><\/span><\/a><span class=\"TextRun SCXW30510777 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW30510777 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><span class=\"EOP SCXW30510777 BCX0\" data-ccp-props=\"{\">&nbsp;<\/span><br><span class=\"TextRun BlobObject DragDrop SCXW229982268 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW229982268 BCX0\" data-fontsize=\"10\">5<\/span><\/span><span class=\"TextRun SCXW229982268 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW229982268 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW229982268 BCX0\" href=\"https:\/\/www.bbc.co.uk\/news\/world-europe-57257982\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW229982268 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW229982268 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.bbc.co.uk\/news\/world-europe-57257982<\/span><\/span><\/a><span class=\"TextRun SCXW229982268 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW229982268 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><span class=\"EOP SCXW229982268 BCX0\" data-ccp-props=\"{\">&nbsp;<br><span class=\"TextRun BlobObject DragDrop SCXW179119067 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW179119067 BCX0\" data-fontsize=\"10\">6<\/span><\/span><span class=\"TextRun SCXW179119067 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW179119067 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW179119067 BCX0\" href=\"https:\/\/iea.blob.core.windows.net\/assets\/4719e321-6d3d-41a2-bd6b-461ad2f850a8\/NetZeroby2050-ARoadmapfortheGlobalEnergySector.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW179119067 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW179119067 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/iea.blob.core.windows.net\/assets\/4719e321-6d3d-41a2-bd6b-461ad2f850a8\/NetZeroby2050-ARoadmapfortheGlobalEnergySector.pdf<\/span><\/span><\/a><span class=\"TextRun SCXW179119067 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW179119067 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;&nbsp; see&nbsp;<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW179119067 BCX0\" data-ccp-parastyle=\"footnote text\">e.g.<\/span><span class=\"NormalTextRun SCXW179119067 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;p.20<\/span><\/span><span class=\"EOP SCXW179119067 BCX0\" data-ccp-props=\"{\">&nbsp;<\/span><br><span class=\"TextRun BlobObject DragDrop SCXW169801701 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW169801701 BCX0\" data-fontsize=\"10\">7<\/span><\/span><span class=\"TextRun SCXW169801701 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW169801701 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW169801701 BCX0\" href=\"https:\/\/www.ft.com\/content\/67ad6163-da6b-4671-95a5-fe85a307d9d0\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW169801701 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW169801701 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.ft.com\/content\/67ad6163-da6b-4671-95a5-fe85a307d9d0<\/span><\/span><\/a><span class=\"TextRun SCXW169801701 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW169801701 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><span class=\"EOP SCXW169801701 BCX0\" data-ccp-props=\"{\">&nbsp;<\/span><br><span class=\"TextRun BlobObject DragDrop SCXW123638845 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW123638845 BCX0\" data-fontsize=\"10\">8<\/span><\/span><span class=\"TextRun SCXW123638845 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW123638845 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW123638845 BCX0\" href=\"https:\/\/www.washingtonpost.com\/world\/2022\/05\/02\/countries-struggle-climate-pledges\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW123638845 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW123638845 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.washingtonpost.com\/world\/2022\/05\/02\/countries-struggle-climate-pledges\/<\/span><\/span><\/a><span class=\"TextRun SCXW123638845 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW123638845 BCX0\" data-ccp-parastyle=\"footnote text\"> <br><\/span><\/span><\/span><\/span>9. <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/05\/02\/countries-struggle-climate-pledges\/;\">https:\/\/www.washingtonpost.com\/world\/2022\/05\/02\/countries-struggle-climate-pledges\/;<\/a> <a href=\"https:\/\/www.theguardian.com\/environment\/2022\/may\/14\/cash-coal-cars-and-trees-what-progress-has-been-made-since-cop26\">https:\/\/www.theguardian.com\/environment\/2022\/may\/14\/cash-coal-cars-and-trees-what-progress-has-been-made-since-cop26&nbsp;<\/a><br><span class=\"TextRun BlobObject DragDrop SCXW41787417 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW41787417 BCX0\" data-fontsize=\"10\">10<\/span><\/span><span class=\"TextRun SCXW41787417 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41787417 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW41787417 BCX0\" href=\"https:\/\/www.bbc.com\/news\/world-asia-india-59125143\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW41787417 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW41787417 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.bbc.com\/news\/world-asia-india-59125143<\/span><\/span><\/a><span class=\"TextRun SCXW41787417 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41787417 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><span class=\"EOP SCXW41787417 BCX0\" data-ccp-props=\"{\">&nbsp;<\/span><br><span class=\"TextRun BlobObject DragDrop SCXW169175165 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW169175165 BCX0\" data-fontsize=\"10\">11<\/span><\/span><span class=\"TextRun SCXW169175165 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW169175165 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW169175165 BCX0\" href=\"https:\/\/www.csis.org\/events\/beyond-cop26-global-methane-pledge#:~:text=At%20COP26%2C%20the%20United%20States,warming%20at%201.5%20degrees%20Celsius\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW169175165 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW169175165 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.csis.org\/events\/beyond-cop26-global-methane-pledge#:~:text=At%20COP26%2C%20the%20United%20States,warming%20at%201.5%20degrees%20Celsius<\/span><\/span><\/a><span class=\"TextRun SCXW169175165 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW169175165 BCX0\" data-ccp-parastyle=\"footnote text\">.&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\">12 <\/span><span style=\"font-size: 8pt;\"><a href=\"https:\/\/www.theguardian.com\/environment\/2022\/may\/14\/cash-coal-cars-and-trees-what-progress-has-been-made-since-cop26\">https:\/\/www.theguardian.com\/environment\/2022\/may\/14\/cash-coal-cars-and-trees-what-progress-has-been-made-since-cop26<\/a>&nbsp; <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW187866717 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW187866717 BCX0\" data-fontsize=\"10\">13<\/span><\/span><span class=\"TextRun SCXW187866717 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW187866717 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW187866717 BCX0\" href=\"https:\/\/www.gov.uk\/government\/speeches\/cop26-presidents-closing-remarks-at-climate-ambition-summit-2020\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW187866717 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW187866717 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.gov.uk\/government\/speeches\/cop26-presidents-closing-remarks-at-climate-ambition-summit-2020<\/span><\/span><\/a><span class=\"TextRun SCXW187866717 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW187866717 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW162239486 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW162239486 BCX0\" data-fontsize=\"10\">14<\/span><\/span><span class=\"TextRun SCXW162239486 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW162239486 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW162239486 BCX0\" href=\"https:\/\/www.nytimes.com\/2022\/02\/28\/climate\/climate-change-ipcc-report.html?campaign_id=54&amp;emc=edit_clim_20220308&amp;instance_id=55168&amp;nl=climate-forward&amp;regi_id=94146631&amp;segment_id=84951&amp;te=1&amp;user_id=5feb0eea292dc4b269982e39c192c2cf\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW162239486 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW162239486 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.nytimes.com\/2022\/02\/28\/climate\/climate-change-ipcc-report.html?campaign_id=54&amp;emc=edit_clim_20220308&amp;instance_id=55168&amp;nl=climate-forward&amp;regi_id=94146631&amp;segment_id=84951&amp;te=1&amp;user_id=5feb0eea292dc4b269982e39c192c2cf<\/span><\/span><\/a><span class=\"TextRun SCXW162239486 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW162239486 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW63372869 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW63372869 BCX0\" data-fontsize=\"10\">15<\/span><\/span><span class=\"TextRun SCXW63372869 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW63372869 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW63372869 BCX0\" href=\"https:\/\/twitter.com\/antonioguterres\/status\/1498256378506448899?lang=en-GB\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW63372869 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW63372869 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/twitter.com\/antonioguterres\/status\/1498256378506448899?lang=en-GB<\/span><\/span><\/a><span class=\"TextRun SCXW63372869 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW63372869 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW107319228 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW107319228 BCX0\" data-fontsize=\"10\">16<\/span><\/span><span class=\"TextRun SCXW107319228 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW107319228 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW107319228 BCX0\" href=\"https:\/\/www.ft.com\/content\/93eb06ec-ba6c-4ad2-8fae-5b66235632b2\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW107319228 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW107319228 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.ft.com\/content\/93eb06ec-ba6c-4ad2-8fae-5b66235632b2<\/span><\/span><\/a><span class=\"TextRun SCXW107319228 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW107319228 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW192410848 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW192410848 BCX0\" data-fontsize=\"10\">17<\/span><\/span><span class=\"TextRun SCXW192410848 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW192410848 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW192410848 BCX0\" href=\"https:\/\/www.gov.uk\/government\/news\/uk-to-phase-out-russian-oil-imports#:~:text=source%20of%20income-,The%20UK%20will%20phase%20out%20imports%20of%20Russian%20oil%20in,today%20(Tuesday%208%20March)\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW192410848 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW192410848 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.gov.uk\/government\/news\/uk-to-phase-out-russian-oil-imports#:~:text=source%20of%20income-,The%20UK%20will%20phase%20out%20imports%20of%20Russian%20oil%20in,today%20(Tuesday%208%20March)<\/span><\/span><\/a><span class=\"TextRun SCXW192410848 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW192410848 BCX0\" data-ccp-parastyle=\"footnote text\">.&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW190454740 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW190454740 BCX0\" data-fontsize=\"10\">18<\/span><\/span><span class=\"TextRun SCXW190454740 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW190454740 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW190454740 BCX0\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/08\/fact-sheet-united-states-bans-imports-of-russian-oil-liquefied-natural-gas-and-coal\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW190454740 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW190454740 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/08\/fact-sheet-united-states-bans-imports-of-russian-oil-liquefied-natural-gas-and-coal\/<\/span><\/span><\/a><span class=\"TextRun SCXW190454740 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW190454740 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW192357082 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW192357082 BCX0\" data-fontsize=\"10\">19<\/span><\/span><span class=\"TextRun SCXW192357082 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW192357082 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW192357082 BCX0\" href=\"https:\/\/www.csis.org\/analysis\/european-union-prepares-ban-russian-oil\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW192357082 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW192357082 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.csis.org\/analysis\/european-union-prepares-ban-russian-oil<\/span><\/span><\/a><span class=\"TextRun SCXW192357082 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW192357082 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW82804018 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW82804018 BCX0\" data-fontsize=\"10\">20<\/span><\/span><span class=\"TextRun SCXW82804018 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW82804018 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW82804018 BCX0\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-12\/russia-oil-revenue-up-50-this-year-despite-boycott-iea-says\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW82804018 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW82804018 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.bloomberg.com\/news\/articles\/2022-05-12\/russia-oil-revenue-up-50-this-year-despite-boycott-iea-says<\/span><\/span><\/a><span class=\"TextRun SCXW82804018 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW82804018 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW239802418 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW239802418 BCX0\" data-fontsize=\"10\">21<\/span><\/span><span class=\"TextRun SCXW239802418 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW239802418 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW239802418 BCX0\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-12\/russia-oil-revenue-up-50-this-year-despite-boycott-iea-says\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW239802418 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW239802418 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.bloomberg.com\/news\/articles\/2022-05-12\/russia-oil-revenue-up-50-this-year-despite-boycott-iea-says<\/span><\/span><\/a><span class=\"TextRun SCXW239802418 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW239802418 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW129313185 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW129313185 BCX0\" data-fontsize=\"10\">22<\/span><\/span><span class=\"TextRun SCXW129313185 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW129313185 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW129313185 BCX0\" href=\"https:\/\/www.theguardian.com\/world\/2022\/apr\/27\/russia-doubles-fossil-fuel-revenues-since-invasion-of-ukraine-began\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW129313185 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW129313185 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.theguardian.com\/world\/2022\/apr\/27\/russia-doubles-fossil-fuel-revenues-since-invasion-of-ukraine-began<\/span><\/span><\/a><span class=\"TextRun SCXW129313185 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW129313185 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW41154433 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW41154433 BCX0\" data-fontsize=\"10\">23<\/span><\/span><span class=\"TextRun SCXW41154433 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41154433 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW41154433 BCX0\" href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/33612887\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW41154433 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW41154433 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/pubmed.ncbi.nlm.nih.gov\/33612887\/<\/span><\/span><\/a><span class=\"TextRun SCXW41154433 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41154433 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW140030120 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW140030120 BCX0\" data-fontsize=\"10\">24<\/span><\/span><span class=\"TextRun SCXW140030120 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW140030120 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW140030120 BCX0\" href=\"https:\/\/www.ft.com\/content\/93eb06ec-ba6c-4ad2-8fae-5b66235632b2\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW140030120 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW140030120 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.ft.com\/content\/93eb06ec-ba6c-4ad2-8fae-5b66235632b2<\/span><\/span><\/a><span class=\"TextRun SCXW140030120 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW140030120 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW74766236 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW74766236 BCX0\" data-fontsize=\"10\">25<\/span><\/span><span class=\"TextRun SCXW74766236 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW74766236 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW74766236 BCX0\" href=\"https:\/\/https\/\/www.shell.com\/media\/news-and-media-releases\/2021\/shell-confirms-decision-to-appeal-court-ruling-in-netherlands-climate-case.html\/www.shell.com\/media\/news-and-media-releases\/2021\/shell-confirms-decision-to-appeal-court-ruling-in-netherlands-climate-case.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW74766236 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW74766236 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/https\/\/www.shell.com\/media\/news-and-media-releases\/2021\/shell-confirms-decision-to-appeal-court-ruling-in-netherlands-climate-case.html\/www.shell.com\/media\/news-and-media-releases\/2021\/shell-confirms-decision-to-appeal-court-ruling-in-netherlands-climate-case.html<\/span><\/span><\/a><span class=\"TextRun SCXW74766236 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW74766236 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW58640018 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW58640018 BCX0\" data-fontsize=\"10\">26<\/span><\/span><span class=\"TextRun SCXW58640018 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW58640018 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW58640018 BCX0\" href=\"https:\/\/www.reuters.com\/business\/sustainable-business\/shell-filed-appeal-against-landmark-dutch-climate-ruling-2022-03-29\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW58640018 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW58640018 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.reuters.com\/business\/sustainable-business\/shell-filed-appeal-against-landmark-dutch-climate-ruling-2022-03-29\/<\/span><\/span><\/a><span class=\"TextRun SCXW58640018 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW58640018 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW132152219 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW132152219 BCX0\" data-fontsize=\"10\">27<\/span><\/span><span class=\"TextRun SCXW132152219 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW132152219 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW132152219 BCX0\" href=\"https:\/\/financialpost.com\/pmn\/business-pmn\/environment-group-warns-shell-board-on-liability-for-emission-targets\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW132152219 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW132152219 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/financialpost.com\/pmn\/business-pmn\/environment-group-warns-shell-board-on-liability-for-emission-targets<\/span><\/span><\/a><span class=\"TextRun SCXW132152219 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW132152219 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW231918043 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW231918043 BCX0\" data-fontsize=\"10\">28<\/span><\/span><span class=\"TextRun SCXW231918043 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW231918043 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW231918043 BCX0\" href=\"https:\/\/uitspraken.rechtspraak.nl\/inziendocument?id=ECLI:NL:RBDHA:2021:5339\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW231918043 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW231918043 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/uitspraken.rechtspraak.nl\/inziendocument?id=ECLI:NL:RBDHA:2021:5339<\/span><\/span><\/a><span class=\"TextRun SCXW231918043 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW231918043 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;at [4.5.7]<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW3486729 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW3486729 BCX0\" data-fontsize=\"10\">29<\/span><\/span><span class=\"TextRun SCXW3486729 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW3486729 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW3486729 BCX0\" href=\"https:\/\/www.ft.com\/content\/d932a462-2b31-479a-bd08-6e8abc02c375\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW3486729 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW3486729 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.ft.com\/content\/d932a462-2b31-479a-bd08-6e8abc02c375<\/span><\/span><\/a><span class=\"TextRun SCXW3486729 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW3486729 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;&nbsp;&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW114144753 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW114144753 BCX0\" data-fontsize=\"10\">30<\/span><\/span><span class=\"TextRun SCXW114144753 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114144753 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW114144753 BCX0\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-10\/shell-investors-look-set-to-back-move-from-netherlands-to-u-k#:~:text=Royal%20Dutch%20Shell%20Plc%20shareholders,strained%20due%20to%20environmental%20concerns\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW114144753 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW114144753 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.bloomberg.com\/news\/articles\/2021-12-10\/shell-investors-look-set-to-back-move-from-netherlands-to-u-k#:~:text=Royal%20Dutch%20Shell%20Plc%20shareholders,strained%20due%20to%20environmental%20concerns<\/span><\/span><\/a><span class=\"TextRun SCXW114144753 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114144753 BCX0\" data-ccp-parastyle=\"footnote text\">;&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW114144753 BCX0\" href=\"https:\/\/www.reuters.com\/business\/energy\/shell-shake-up-leaves-dutch-royally-hacked-off-2021-11-15\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW114144753 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW114144753 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.reuters.com\/business\/energy\/shell-shake-up-leaves-dutch-royally-hacked-off-2021-11-15\/<\/span><\/span><\/a><span class=\"TextRun SCXW114144753 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW114144753 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW229560969 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW229560969 BCX0\" data-fontsize=\"10\">31<\/span><\/span><span class=\"TextRun SCXW229560969 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW229560969 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW229560969 BCX0\" href=\"https:\/\/www.clientearth.org\/latest\/latest-updates\/news\/we-re-taking-legal-action-against-shell-s-board-for-mismanaging-climate-risk\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW229560969 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW229560969 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.clientearth.org\/latest\/latest-updates\/news\/we-re-taking-legal-action-against-shell-s-board-for-mismanaging-climate-risk\/<\/span><\/span><\/a><span class=\"TextRun SCXW229560969 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW229560969 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW26596632 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW26596632 BCX0\" data-fontsize=\"10\">32<\/span><\/span><span class=\"TextRun SCXW26596632 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW26596632 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW26596632 BCX0\" href=\"https:\/\/www.clientearth.org\/latest\/latest-updates\/news\/we-re-taking-legal-action-against-shell-s-board-for-mismanaging-climate-risk\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW26596632 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW26596632 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.clientearth.org\/latest\/latest-updates\/news\/we-re-taking-legal-action-against-shell-s-board-for-mismanaging-climate-risk\/<\/span><\/span><\/a> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW149599712 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW149599712 BCX0\" data-fontsize=\"10\">33<\/span><\/span><span class=\"TextRun SCXW149599712 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW149599712 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW149599712 BCX0\" href=\"https:\/\/www.elgaronline.com\/view\/journals\/jhre\/aop\/jhre.2022.0002\/jhre.2022.0002.xml\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW149599712 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW149599712 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.elgaronline.com\/view\/journals\/jhre\/aop\/jhre.2022.0002\/jhre.2022.0002.xml<\/span><\/span><\/a><span class=\"TextRun Underlined SCXW149599712 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW149599712 BCX0\" data-ccp-charstyle=\"Hyperlink\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW80026901 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW80026901 BCX0\" data-fontsize=\"10\">34<\/span><\/span><span class=\"TextRun SCXW80026901 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW80026901 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW80026901 BCX0\" href=\"http:\/\/climatecasechart.com\/wp-content\/uploads\/sites\/16\/case-documents\/2021\/20210726_docket-121-cv-06360_complaint.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW80026901 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW80026901 BCX0\" data-ccp-charstyle=\"Hyperlink\">http:\/\/climatecasechart.com\/wp-content\/uploads\/sites\/16\/case-documents\/2021\/20210726_docket-121-cv-06360_complaint.pdf<\/span><\/span><\/a><span class=\"TextRun SCXW80026901 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW80026901 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW175684206 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW175684206 BCX0\" data-fontsize=\"10\">35<\/span><\/span><span class=\"TextRun SCXW175684206 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW175684206 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW175684206 BCX0\" href=\"https:\/\/climate-laws.org\/geographies\/denmark\/litigation_cases\/vegetarian-society-et-al-of-denmark-v-danish-crown\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Highlight Underlined SCXW175684206 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW175684206 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/climate-laws.org\/geographies\/denmark\/litigation_cases\/vegetarian-society-et-al-of-denmark-v-danish-crown<\/span><\/span><\/a><span class=\"TextRun Highlight SCXW175684206 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW175684206 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW16817187 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW16817187 BCX0\" data-fontsize=\"10\">36<\/span><\/span><span class=\"TextRun SCXW16817187 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW16817187 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW16817187 BCX0\" href=\"https:\/\/climatecasechart.com\/case\/jochims-v-oatly-group-ab\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW16817187 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16817187 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/climatecasechart.com\/case\/jochims-v-oatly-group-ab\/<\/span><\/span><\/a><span class=\"TextRun SCXW16817187 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW16817187 BCX0\" data-ccp-parastyle=\"footnote text\">;&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW16817187 BCX0\" href=\"http:\/\/climatecasechart.com\/wp-content\/uploads\/sites\/16\/case-documents\/2021\/20210726_docket-121-cv-06360_complaint.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW16817187 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16817187 BCX0\" data-ccp-charstyle=\"Hyperlink\">http:\/\/climatecasechart.com\/wp-content\/uploads\/sites\/16\/case-documents\/2021\/20210726_docket-121-cv-06360_complaint.pdf<\/span><\/span><\/a><span class=\"TextRun SCXW16817187 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW16817187 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW37709199 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW37709199 BCX0\" data-fontsize=\"10\">37<\/span><\/span><span class=\"TextRun SCXW37709199 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW37709199 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW37709199 BCX0\" href=\"https:\/\/climate-laws.org\/geographies\/germany\/litigation_cases\/barbara-metz-et-al-v-wintershall-dea-ag\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW37709199 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW37709199 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/climate-laws.org\/geographies\/germany\/litigation_cases\/barbara-metz-et-al-v-wintershall-dea-ag<\/span><\/span><\/a><span class=\"TextRun SCXW37709199 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW37709199 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW130144520 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW130144520 BCX0\" data-fontsize=\"10\">38<\/span><\/span><span class=\"TextRun SCXW130144520 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130144520 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW130144520 BCX0\" href=\"https:\/\/www.law.com\/international-edition\/2022\/04\/06\/why-2022-will-be-a-banner-year-for-climate-litigation-in-europe\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW130144520 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW130144520 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.law.com\/international-edition\/2022\/04\/06\/why-2022-will-be-a-banner-year-for-climate-litigation-in-europe\/<\/span><\/span><\/a><span class=\"TextRun SCXW130144520 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130144520 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\"><span class=\"TextRun BlobObject DragDrop SCXW259431041 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"Superscript SCXW259431041 BCX0\" data-fontsize=\"10\">39<\/span><\/span><span class=\"TextRun SCXW259431041 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW259431041 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span><a class=\"Hyperlink SCXW259431041 BCX0\" href=\"https:\/\/www.ft.com\/content\/b9e8e721-6d1c-4513-9034-3f6d99d983b8\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW259431041 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW259431041 BCX0\" data-ccp-charstyle=\"Hyperlink\">https:\/\/www.ft.com\/content\/b9e8e721-6d1c-4513-9034-3f6d99d983b8<\/span><\/span><\/a><span class=\"TextRun SCXW259431041 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW259431041 BCX0\" data-ccp-parastyle=\"footnote text\">&nbsp;<\/span><\/span> <\/span><br><span style=\"font-size: 8pt;\">40. <a href=\"https:\/\/www.theguardian.com\/environment\/2022\/may\/14\/this-is-about-survival-will-cop27-bring-action-on-glasgow-climate-pact\">https:\/\/www.theguardian.com\/environment\/2022\/may\/14\/this-is-about-survival-will-cop27-bring-action-on-glasgow-climate-pact<\/a><\/span><\/p>\n<p><span style=\"font-size: 8pt;\">&nbsp;<\/span><\/p>\n<pre>&nbsp;<\/pre>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u2018Black Wednesday for big oil\u2019, as the media1 dubbed it on 26 May 2021, was the day when some of the biggest players in the industry \u2013 ExxonMobil, Chevron, and Shell \u2013 suffered a \u201cstunning series of defeats\u201d which appeared to mark a turning point in attitudes towards the fossil fuel industry.2 Within the space [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":23491,"menu_order":0,"template":"","format":"standard","meta":{"footnotes":"","_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"opinionscategories":[354],"class_list":["post-31106","opinions","type-opinions","status-publish","format-standard","has-post-thumbnail","hentry","opinionscategories-environmental-and-international-law-nl"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.4 (Yoast SEO v20.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Big Oil\u2019s \u2018Black Wednesday\u2019 One Year On - POGUST 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