By writing down $17.5 billion in oil and gas holdings, BP is preparing for a long term decrease in fossil fuel demand and signaling a need for change.
Each week we summarize three pieces of news that give us hope for a greener, brighter future. These Hopeful Headlines are meant to showcase good climate actors, and inspire further action.
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By Stanley Reed, The New York Times, June 15, 2020
- BP plans to write down up to $17.5 billion — or 12 percent of its previous valuation — in oil and gas assets for the next quarter. The devaluation is a signal that the company “will produce less fossil fuel than previously expected.”
- Coronavirus pandemic, plummeting oil prices, and government, investor and consumer pressure to reduce greenhouse gas emissions are driving the devaluation.
- The write down may force BP to cut its dividend, discouraging investors. It also could put pressure on fellow oil companies to re-evaluate their own oil and gas holdings.
By Christina Cooke, Civil Eats, June 15, 2020
- Since 2011, high schoolers in the nonprofit group Growing Change have been flipping a decommissioned detention center into a sustainable farm and education center. The group is “leasing the property at no cost from the state’s Department of Public Safety.”
- Growing Change is a group for young men facing “chaos at home, failure at school, trouble with mental health or substance abuse, and involvement with the criminal justice system.” Many of its members are Black, Indigenous, or People of Color (BIPOC).
- The 67-acre farm features bees, sheep, hens, compost piles, organic gardens and natural verminculture management. Produce from the farm is distributed to food-insecure residents of the community, including those hit hardest by the coronavirus pandemic.
By Amy Davidsen, GreenBiz, June 9, 2020
- Despite a lack of federal government support, demand in the electric vehicle (EV) sector continues to rise, especially among businesses and local governments. The Climate Group’s EV100 is a collection of companies determined to electrify their fleets by 2030.
- Per the article: “With businesses owning half of all registered vehicles on the road, their investment decisions have the greatest influence in driving the shift to EVs and improved air quality.“
- Demand from EV100 companies is driving infrastructure improvements, including a $1 billion commitment from ChargePoint to expand EV charging to 4,000+ travel locations.
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Feature photo by Zbynek Burival on Unsplash.