Search climate change on Google and you’ll see fossil fuel ads

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New Delhi, Jan 7 | Big fossil fuel firms and their allies are top spenders on Google ads and 1 in 4 ads on Google search results for 78 climate-related terms are placed by companies with interests in fossil fuels, new research has revealed.

Of more than 1,600 ads, over one in five were from companies “with significant interests in fossil fuels,” according to an analysis by The Guardian and climate think tank InfluenceMap.

The top 20 advertisers included fossil fuel giants ExxonMobil, Shell and Aramco.

Consulting firm McKinsey and investment firm Goldman Sachs, which have been criticised for working with fossil fuel companies, were also big spenders.

“Google is letting groups with a vested interest in the continued use of fossil fuels pay to influence the resources people receive when they are trying to educate themselves,” InfluenceMap senior data analyst Jake Carbone told The Guardian.

Oil major Shell’s ads — 153 were counted in total — appeared on 86 per cent of searches for “net zero”.

Many promoted its pledge to become a net zero company by 2050 and align itself with a 1.5C warming target, the report said.

An ad from Shell says it’s “a willing and able player in the energy transition”.

Another ad from BP says it is “Building and advocating for more renewable capacity & infrastructure.”

“Net zero” has become a popular goal for companies to reduce greenhouse gas emissions they produce by burning fossil fuels.

BP and Shell have set goals to reach net zero by 2050.

“Shell’s target is to become a net zero emissions energy business by 2050, in step with society. Our short, medium and long-term intensity and absolute targets are consistent with the more ambitious 1.5C goal of the Paris agreement,” a company spokesperson was quoted as saying.

In a statement to The Verge, Google reiterated its policy banning ads that feature climate denial.

The company also said that it adequately labels its ads.

State-owned Saudi oil company Aramco had 114 ads on the keywords “carbon storage”, “carbon capture” and “energy transition”.

According to the report, a number of their ads claimed the company “promoted biodiversity” and “protected the planet”.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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