Displaying items by tag: fossil fuel industry

Record-setting bill will fund extensive efforts to address climate change, but the sausage-making deal is decried by some as a ‘suicide pact’

This story was originally published by Tennessee Lookout.

WASHINGTON — The U.S. Senate, along party lines, passed a sweeping energy, health care, climate and tax package Sunday afternoon, following an overnight marathon of votes that resulted in just a handful of notable changes to the legislation.

The 755-page bill was passed after Vice President Kamala Harris broke a 50-50 tie in the evenly divided Senate. It now heads to the House, where Democratic leaders have announced they will take it up on Friday.

At last, we have arrived,” Senate Majority Leader Chuck Schumer said.  Democratic senators broke out into applause as Harris announced passage of the bill, expected to total more than $700 billion.

Schumer, a New York Democrat, said he dedicated the measure to young Americans who have pushed and protested for the Senate to take action on climate change. 

NYT: Shareholder revolt forces troubled Exxon to focus on a fossil-free future

Exxon stock tanked (it was even kicked off the Dow Jones Industrial Average) in recent years, largely because of the oil giant's dismissive stance toward climate change and renewables. This led shareholders to conclude the oil giant wasn't playing the long game by investing in carbon-free fuel technologies.

Both a renegade hedge fund and huge investor groups recently forced a change by electing half a slate to the board of directors who are calling for increased energy-source diversification. Some of the largest pension-investment groups in the country drove the change because Exxon's coddling of climate denialists was definitely and demonstrably bad for business.