‘All good’: Shell CEO backs Biden’s climate law

illuminem summarizes for you the essential news of the day. Read the full piece on Politico or enjoy below:

🗞️ Driving the news: Shell CEO Wael Sawan expressed support for President Biden's climate policies, particularly the Inflation Reduction Act (IRA), stating they are fostering job creation and new clean energy supply chains
• Speaking at the Center for Strategic and International Studies, Sawan emphasized the importance of stability and predictability in energy investments

🔭 The context: Shell has diverged from much of the oil industry by advocating for the IRA, which aims to bolster clean energy
• Sawan's remarks come amid a contentious political climate, with Biden seeking re-election against Donald Trump, who opposes many of Biden's climate initiatives

🌍 Why it matters for the planet: Endorsements from major oil companies like Shell signal a potential shift in the industry's approach to climate policies, promoting cleaner energy and sustainability
•  This could accelerate the transition to lower-carbon solutions globally

⏭️ What's next: Sawan plans to advocate for consistent climate technology incentives and LNG permitting during his visit to Capitol Hill
• The oil industry is likely to continue lobbying for favorable conditions while navigating the energy transition

💬 One quote: “You’re creating jobs. You’re actually starting to anchor new industries. And over time, what you will do is you will create supply chains locally that are able to satisfy the demands of many of these industries,” said Wael Sawan

📈 One stat: Shell's revised climate target aims to reduce emissions from its products by 15% by 2030, down from the previous goal of 20%

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