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Leader and Environment

Time is running out for big oil companies to reinvent their business

2 June 2021

New Scientist. Science news and long reads from expert journalists, covering developments in science, technology, health and the environment on the website and the magazine.

Peter Boer/Bloomberg via Getty Images

IT WAS inevitably dubbed “Black Wednesday”. But for anyone with an interest in a sustainable future for humanity on the planet — that is, all of us — 26 May was a red-letter day.

Strike one was a Dutch court ordering Anglo-Dutch oil company Shell to align itself with the Paris Agreement on climate change and cut its carbon emissions, including from the products it sells, by 45 per cent by 2030. Activist investors then voted to make US oil firm Chevron responsible for reducing the emissions from customers burning its products. And, in strike three, a small hedge fund forced…

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