For more information:
investor.exxonmobil.com/company-info...

In a league of their own and yet they can't align themselves with the EU's sustainability laws

Quick follow-up on this story

As heatwaves continue to grow more common, we need to invest in the storage of electricity, enhance grid resilience and drive greater investment towards sources such as solar which is becoming one of the cheapest sources of electricity that Europe has. (7/7)

Solar by itself was able to deliver almost 50 GW of power in Germany which is around 33 to 39% of the electricity in the country. (6/7)

Renewable energy sources such as solar were able to partially offset the reduction in electricity from the sources experiencing issues. June 2025 effectively saw the highest amount of electricity generated from solar in the EU. (5/7)

The domino effect continues with sudden increases in electricity prices. During the heatwaves, the average daily price increased by 15% in Spain, 106% (!!!) in Poland, 108% (!!!) in France and 175%(!!!!!!) in Germany. (4/7)

Heatwaves further exacerbated the situation when we observed reductions in the power generation from nuclear power plants in France and Switzerland due to rising temperatures affecting the power generation processes. Thermal power plants also observed outages. (3/7)

Across Europe over the summer, the demand of electricity has seen an upward trend due to the intense heatwaves rolling into the region. June was a record hottest month for Western Europe. (2/7)

While Barclays states that it will remain committed to the net-zero goal, it is clear that climate change is becoming increasingly a lower priority for financial institutions. (6/6)

Standard Chartered’s CEO Bill Winters has responded unfavorably to the exits of these major banks from the alliance and has even stated that its clients “haven’t backed away at all” from their climate change goals and agenda. (5/6)

Barclays has stated that group “no longer has the membership to support our transition. (4/6)

Bank of America, Morgan Stanley, Citigroup, Wells Fargo, Royal Bank of Canada (RBC), Toronto-Dominion, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, and Canadian Imperial Bank of Commerce. (3/6)

announced a few days ago that it will be leaving this alliance. Barclays is the second big European lender to exit as a significant number of banks have started heading towards the exit sign. Other banks to leave include British HSBC, Goldman Sachs, JPMorgan, (2/6)