A new trend is emerging among the country’s most influential fossil fuel investors: a demand for climate change accountability and progress towards a low-carbon economy. On May 31, 2017, a vote among Exxon Mobil’s shareholders approved a resolution mandating that the company begin offering detailed reports analyzing the impact of compliance with climate change policy on its core business. With this resolution, Exxon’s major shareholders are pushing directly against company leadership, which has historically resisted such disclosure.
According to a report released last week by the International Renewable Energy Agency (IRENA), the number of U.S. solar jobs surpassed those in oil and natural gas extraction for the first time last year. Overall, renewable energy jobs grew 6 percent while employment in oil and gas declined 18 percent. This trend in clean energy growth was also evident globally as renewable energy jobs increased 5 percent from last year to 8.1 million; meanwhile, oil and gas producers have cut 351,410 jobs worldwide as oil prices have declined 58 percent since June 2014. Read on to learn more about renewable energy trends in the U.S. along with the leading renewable energy countries and market segments. Continue Reading U.S. Solar Jobs Exceed Oil and Gas for First Time in 2015
Paul Dickerson and Tom Burton wrote an article published on Monday in the Houston Chronicle regarding the current fundamental change in the global energy landscape as well as the importance of energy diversity. The article, entitled “Burton III, Dickerson: Forget oil prices, renewables are here to stay,” explores the decoupling between renewables and oil and how a diverse mix of renewables, coal, and natural gas is key to U.S. economic growth and security. For an overview of the article, along with more information about the article, continue reading!
Mintz Levin’s own Paul Dickerson was quoted in a Law360 article published last week regarding the past year’s M&A developments in the energy industry. The article, entitled “5 Energy M&A Trends Amid 2015 Oil Price Slump,” explores how the extremely low price of oil has impacted industry players’ approach to energy transactions, with Paul providing his assessment of the lack of private equity action in the distressed energy sector. For a brief overview of his comments, along with more information about the article, read on!
Curious what the future holds for global energy? Stay tuned for an upcoming blog post with highlights from Paul Dickerson’s speech at the 40th Annual Interarab Cambist Association (ICA) Conference taking place on October 22-24 at the JW Marriot in Cairo, Egypt. Paul is the former Chief Operating Officer at the US Department of Energy, a current attorney with Mintz Levin, and a contributor to our Energy Technology Matters blog. Here is a sneak preview of some of the topics he will cover:
- Advances in technology and how that will impact production costs
- How the 2016 US presidency will impact energy prices
- Changes in the oil and gas market across the globe Continue Reading What The Future Holds For Global Energy: Paul Dickerson To Speak At 40th Annual ICA Conference
Despite downward pressure on oil and gas prices in recent years, solar, wind, and other alternative energy forms have maintained their popularity. In a recent article on FuelFix.com, Mintz Levin’s Tom Burton and Paul Dickerson discuss where this energy market trend stems from. Moving forward, they also analyze what these changes mean for America’s energy future. Click here for the full take.
With the establishment of a sustainable cap-and-trade program in California as well as the Obama administration’s stance on regulating greenhouse gas emissions, a changed regulatory landscape has emerged, imposing substantially more rigorous reporting requirements on financial institutions that invest in the energy sector either through debt or equity.
Mintz Levin’s Megan Gates and Jeremy Glaser and Enviance Inc.’s Lawrence Goldenhersh and Yann Risz recently published an article in Law 360 describing the GHG-related disclosure and reporting obligations now faced by financial institutions in a new regulatory world. The authors also provide recommendations for cost-effectively conducting the more rigorous risk analysis that is now required. Continue Reading Law360’s “Exxon Opens a New Disclosure Frontier for Energy Finance”
The rapid progress of advanced energy technologies and energy efficiency in the “conventional” areas of oil and gas as well as in the “clean” sources of wind, solar, and geothermal energy is allowing countries to do more from less energy. However, the polarizing debate still exists between the “clean vs. dirty” energy sources to validate our increased capabilities with less energy. The truth of the matter is that energy is no-longer a zero-sum game. As Hemant Taneja, managing director at General Catalyst and co-founder of Advanced Energy Economy, states in his VentureBeat article, It’s time to bury the ‘clean vs. dirty’ debate in energy, Continue Reading Hemant Taneja’s “Energy is not a zero-sum game anymore”: The End of the ‘Clean vs. Dirty’ Debate and the Rise of Advanced Energy Technologies