"When BHP announced it would sell its stake in its oil and gas business to
Woodside Petroleum to form a merged oil and gas business, it appeared welcome
news. A big miner finally takes climate change seriously.
But decisions to sell fossil fuel assets are not good news at all. BHP did not
do the right thing by selling its oil and gas operations for the simple reason
that the climate is still no better off. BHP’s new oil and gas assets will
continue to produce oil and gas — just with new shareholders.
Decisions to sell mines or set up “dirty” parallel companies are coming thick
and fast as the big polluters scramble to cut their losses. One of Australia’s
biggest polluters, AGL, announced in March it will create a separate company
for its emissions intensive assets.
What BHP and other companies are doing is banking profits from their failing
assets, while washing their hands of the responsibility to do something about
their past and ongoing contribution to climate change. Instead of selling these
assets, companies should retire the assets and wear the costs."
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics