Norway is an unlikely hero

Welcome to The Strawman, the daily climate newsletter that's slicker than an oil spill – and we’re not just quoting Pitbull.

Today we’re looking at a global heavyweight stepping into the world of corporate pledges. Like a parent coming in to break up a fight between the kids, Norway’s oil fund is here and means business. Expect groundings, no pocket money for weeks, and chores galore.

Let’s dive in.

The Power of the Purse

In a big boy move that feels unprecedented, Norway's $1.4tn oil fund, (and the world’s largest sovereign wealth fund) has decided to side with climate activists against ExxonMobil and Chevron.

Their plan? To push for more ambitious emission-cutting targets at the oil giants' annual meetings.

It's like the captain of a football team switching sides mid-match, surprising everyone – including the opponent's goalie.

But it's not without controversy. Like a vegan owning a steakhouse, some critics find it hypocritical since Norway's fund is fueled by the country's petroleum revenues. Yet, the fund argues that climate risk is financial risk – a net zero society is simply good economics.

Europe gets away with it

On the other side of the Atlantic, the European oil giants - BP, Shell, and TotalEnergies - seem to be given more leeway by Norway's oil fund.

It's like your grandparents - they’ll argue with your parents, but grandchildren? Nah, they can’t do anything wrong.

According to the fund, these European majors are generally more receptive to the concept of Scope 3 emissions targets, which account for emissions when their products are burnt or consumed. BP and Shell, in particular, are praised for having sound transition plans and realistic Scope 3 targets.

Mark van Baal, founder of Follow This, an activist group, expresses this sentiment by saying that it is problematic for the fund to essentially tell BP, Shell, and Total that they don't have to reduce their emissions this decade.

The key takeaway is that the ongoing debate shows the complexity of addressing climate change in the oil industry - different players, different rules, but one common goal: a sustainable future.

See you again tomorrow,

The Strawman