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climate power
FTC Probing 'Blockbuster' Exxon-Pioneer Merger
"The FTC is right to investigate Exxon's acquisition of Pioneer, which could raise prices at the pump and is aimed at keeping the U.S. reliant on fossil fuels," said one campaigner.
Dec 05, 2023
Amid outrage from climate campaigners and senators, the U.S. Federal Trade Commission is investigating fossil fuel giant ExxonMobil's proposed takeover of Pioneer Natural Resources, a regulatory filing revealed Tuesday.
Pioneer disclosed the FTC's request for more information about the pending merger, which Exxon announced in October.
U.S. Senate Majority Leader Chuck Schumer (D-N.Y.) said in a statement Tuesday: "Last month, I and 22 other senators urged the FTC to investigate Exxon's $60 billion proposed blockbuster merger with Pioneer. And today—they heeded my warning."
"Americans care a great deal about gas prices," Schumer stressed, "and if this merger were to go through it would most certainly raise gas prices for families across the country."
"This merger has all the hallmarks of harmful, anticompetitive effects. The FTC is right to investigate this merger to see if it would lead to higher gas prices or less competition," he added. "I look forward to following this investigation closely, and will encourage the FTC to block the deal if they find any antitrust laws are being violated."
Alex Witt of Climate Power, an advocacy group founded by the Center for American Progress (CAP) Action Fund, League of Conservation Voters, and Sierra Club, also welcomed the FTC's inquiry in comments to The Associated Press.
"Exxon publicly promised to reduce emissions, yet subsequently spent $60 billion acquiring another fossil fuel company—doubling down on their commitment to oil and gas and putting profits over people," Witt said. "The FTC is right to investigate Exxon's acquisition of Pioneer, which could raise prices at the pump and is aimed at keeping the U.S. reliant on fossil fuels."
A CAP report highlighted Tuesday that in hopes of continuing to profit off of the destruction of the planet, the fossil fuel industry is "undermining democratic functions to stem the tide of climate action" around the world.
That report and the heightened scrutiny of the possible merger come during the United Nations Climate Change Conference (COP28), where attendees are considering scientists' warnings that fossil fuels must be rapidly phased out to prevent more devastating global heating.
"This deal shows that Exxon is doubling down on fossil fuels and has no intention of moving towards clean energy," Jamie Henn, director of Fossil Free Media argued earlier this year. "Even after the hottest summer on record, Exxon is hellbent on driving the thermostat even higher."
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'Only the Beginning': Democrats' IRA Set to Create 100,000+ US Green Jobs
"Thanks to President Biden's affordable clean energy plan, businesses are investing in manufacturing like never before, and planning to create good-paying jobs in every corner of the country," said one climate campaigner.
Feb 06, 2023
A leading climate action group on Monday published a report revealing that the 94 clean energy projects announced since U.S. President Joe Biden signed the Inflation Reduction Act into law last August are set to create more than 100,000 green jobs.
Climate Power—which published the report as part of a new six-figure national ad campaign touting the growing green economy—said that since the IRA became law without any Republican support last year, "companies are racing forward with massive investments to build our clean energy future."
"New manufacturing in wind, solar, batteries, and electric vehicles—along with storage projects across the country—mean new, good-paying jobs for hard-working Americans," the group continued. "In the six months since the landmark climate and clean energy investments became law, clean energy companies have announced more than 100,000 new clean energy jobs for electricians, mechanics, construction workers, technicians, support staff, and many others."
\u201cAmerica knows a thing or two about building something big...\n\nand thanks to @POTUS' clean energy plan, we're doing it again \u26a1\ufe0f\n\nClimate Power is telling that story:\u201d— Climate Power (@Climate Power) 1675706802
"As the largest U.S. investment in clean energy and climate in history, this national clean energy plan will continue to reshape and recharge our economy for many decades to come," Climate Power added.
While green groups have generally praised the IRA's historic $369 billion investment in renewable energy production and innovation, activists have condemned provisions including fossil fuel tax credits and mandatory lease sales on public lands and at sea.
The 94 new clean energy projects in the Climate Power report—which are spread across 31 states and have a combined investment value of $89.5 billion—include:
Forty new battery manufacturing sites in places like Van Buren Township, Michigan; Tucson, Arizona; and Florence County, South Carolina. So far, 22 companies have announced plans for new or expanded electric vehicle manufacturing in Pryor, Oklahoma; Montgomery, Alabama; Highland Park, Michigan—and more. A further 24 companies shared plans to expand wind and solar manufacturing in cities including Pueblo, Colorado; Perrysburg, Ohio; and Georgetown, Texas. The majority of the projects are in seven states—Arizona, Georgia, Michigan, Ohio, South Carolina, Tennessee, and Texas.
"Thanks to President Biden's affordable clean energy plan, businesses are investing in manufacturing like never before, and planning to create good-paying jobs in every corner of the country," Climate Power executive director Lori Lodes said in a statement.
\u201cThat is 100,000 good-paying jobs thanks to Democrats\u2019 Inflation Reduction Act\u2014a bill ZERO Republicans voted for. https://t.co/svZ2UrgbOG\u201d— CAP Action (@CAP Action) 1675699800
"This is only the beginning—we're months after the passage of the Inflation Reduction Act and we're already at the precipice of a renewed manufacturing, made-in-America boom that will create opportunities for millions of Americans, all while reducing toxic emissions that harm the health and wellbeing of our communities," Lodes added.
Last month, the International Energy Agency said in a report that "the world is at the dawn of a new industrial age—the age of clean energy technology manufacturing," and that green manufacturing jobs will more than double by the end of the decade if countries worldwide live up to their climate and energy pledges—a huge "if" given that global emissions remain at record levels.
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