Shell Backtracks on Greenwashing, Renews Commitment to Drill, Baby, Drill!
Shell Backtracks on Greenwashing, Renews Commitment to Drill, Baby, Drill!
Several renewable energy leaders have recently resigned amid the strategy shift.
This shit needs to get nationalized and converted to all green initiatives immediately, they’ll never do it on their own.
Government is supposed to exist to protect the people, not the corporate donors. Somewhere along the way (citizens united perhaps?) we lost sight of that.
Citizens United is part of the problem. But it is also simply part of how every corporation runs. And if run in the same way, nationalization doesn’t necessarily fix this issue, especially when led by similar people with similar motives/understanding of the “way things work.”
The board and the executives, which together make nearly every strategic decision of importance, have one legal obligation above all else: their fiduciary duty. The duty to make money for the investors. This is by far their biggest obligation from a legal standpoint. Meeting this one goal means they’re typically protected from nearly any personal liability (apart from exceptional negligence or criminal actions - but even that can be excused if profits are high enough).
Worse yet, trying to get around this legal duty to be purely incentivized by money has proved to be extremely challenging. For example, corporate trustees have been told that even if the trust explicitly wishes to avoid investing in certain industries to avoid harm (such as oil and gas), the trustee must put the goal of maximizing returns ABOVE the trust’s explicit directives to avoid certain industries. It must choose to diversify its investments to the best of its ability, which almost always includes oil and gas, despite the trust creators saying otherwise. If they don’t, they open themselves up to legal liability for lack of living up to their fiduciary duty. How fucked up is that?
This purely profit-driven legal obligation is the root of many, many problems.
But if we can change it, if we can bolster and prioritize the well-being of employees, customers, and society at large - with a strong legal obligation to do so, or at least give companies the ability to set these as legal obligations of their leaders - then maybe things can shift. ESG investing is paving that way forward, but still faces many roadblocks due to the prioritization of fiduciary duty.
It doesn’t have to be this way. It really shouldn’t have ever been this way, but that’s what late-stage capitalism gets you.
Back in the 50’s to late 70’s during massive economic expansion, companies weren’t perfect, but many acted with a sense of civic duty that simply isn’t part of board room etiquette anymore. We can deprioritize money and increase concern for well-being.
Greed and institutional investors have swept across these leadership positions with downright disgusting ramifications, which have now bled deeper into politics (law makers), policy (laws themselves), interpretation of laws (courts, such as Citizens United ruling), and society at large (those living under these laws and their interpretations).
How do we change it? Start with lawmakers, let that bleed into laws and courts, then eventually it’ll allow companies/industries to prioritize something other than profits. Like just maybe the people who live under it all.
if we can change it, if we can bolster and prioritize the well-being of employees, customers, and society at large - with a strong legal obligation to do so, or at least give companies the ability to set these as legal obligations of their leaders - then maybe things can shift. ESG investing is paving that way forward, but still faces many roadblocks due to the prioritization of fiduciary duty.
How do we change it? Start with lawmakers, let that bleed into laws and courts, then eventually it’ll allow companies/industries to prioritize something other than profits. Like just maybe the people who live under it all.
Really appreciate your viewpoint here. I think you’ve accurately described the disadvantages of late stage capitalism, and why it’s led us into this mess. Also, I think you’re right - the solution is to elect lawmakers who will enact legislation to incentivize ethical and responsible corporate actions.
I think the problem we face preventing that, is that the right wing has dragged the Overton window completely off of stage right. American Democrats, policy wise, would be considered conservatives in most other parts of the world. And both sides of the aisle serve their donors above all else. Everyone in DC is massively conservative, and completely disconnected from the reality in which the rest of us live.
The solution to me seems to be a 3rd party, an actual leftist party with the goal of supporting the people. The data certainly supports this - poll after poll shows the American people are massively progressive, with approval ratings on things like Medicare for all, college for all, and taxing the rich above 80% across the board. And for those originalists out there, the founding fathers were quite clear that they felt a 2 party system would be the death of democracy…and imho, they were right.
So, how can we successfully launch a third party when the corporate media maintains its stranglehold on news and communications? Love me some Lemmy, but sadly platforms like this aren’t enough. Not yet anyway. And the oligarchs have been hard at work massacreing the others, twit and reddit being the latest to fall. I’m intrigued by Cornell West’s talk of a People’s Party, but I have to be honest that I don’t take him seriously and it feels like a false flag to stall meaningful momentum.
Can we actually organize at a local level anymore, considering how the culture wars of division have everyone at each others’ throats? Would love to hear more from you about whether you think the answer lies in a 3rd party or changing the Dems from within.
Whenever this sentiment comes up I usually think of Dodge v Ford first.
Basically your customers aren't important, your employees aren't important, your value as a company isn't necessarily important.
The only importance is shareholder value.
Great example, and really highlights the importance of a new perspective on capitalism which could incentivize social responsibility
Well of course they did. Going green isn’t profitable or acceptable to investors and shareholders.
Who cares if we keep drilling, there’s profit and growth to be had!
It’s sad but not surprising.