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Highlights
- A study found firms involved in, and those closely linked with, fossil fuels were among the biggest Google ads spenders, making ads that closely resembled Google search results.
- About 20 per cent of google ads in the study were dominated by companies with fossil fuel interests.
- Shell was among the top 20 advertisers, based on search terms, as per the study.
A recent analysis by the Guardian and think tank, InfluenceMap found that companies involved as well as those closely linked with fossil fuels were among the biggest spenders for Google ads which closely resembled Google search results.
Over 20 per cent of such google ads included in the study were from firms with notable levels of interest in fossil fuels, totalling over 1,600 ads. This has been called a form of ‘endemic greenwashing’ by climate campaigners.
Greenwashing is a term used to refer to certain business practices which project a firm is environmentally friendly when that may not be the reality.
Some of the companies which were among the top 20 advertisers, based on search terms, were oil and gas company Exxonmobil, UK based oil major Shell (LON: RDSA, LON: RDSB), Aramco, consultancy giants McKinsey, investment banking group Goldman Sachs and others.
Let us look at some FTSE listed stocks that are mainly into fossil fuel and see how they are performing:
- Royal Dutch Shell PLC (LON: RDSB)
Royal Dutch Shell is an oil supermajor and a component of the FTSE 100 index.
As per the study, Shell’s google ads appeared around to 86 per cent when one made a google search for the term ‘net zero’.
The company had announced earlier its plans to streamline its share structure while moving its tax residence to the UK.
According to its recent note laying out its simplification timetable, the group’s A and B shares will be assimilated to a single line of ordinary shares later this month on 29 January. It is expected to start dealings of this new single line of shares from 31 January.
Image source: EODHD/Others
The group’s shares were trading higher by 1.41 per cent at GBX 1,724.20 on 5 January 2022 at 10:23 AM BST, whereas the FTSE 100 index was at 7,519.07, up by 0.19 per cent.
The company has a market cap of £58,081.22 million, and it has given shareholders a return of 37.01 per cent on a one-year basis, as of date.
- Capricorn Energy PLC (LON:CNE)
Capricorn Energy is an FTSE 250 index-listed oil and gas firm. The group changed its name from Cairn Energy PLC and started trading under its new name as of 13 December 2021.
The group withdrew all its lawsuits against India and now stands to benefit from about INR 79 billion in tax refunds. The move to drop all lawsuits comes after the company was engaged in a dispute with the Indian government for 7 years.
Image source: EODHD/Others
The group’s shares were trading higher by 1.46 per cent at GBX 194.30 on 5 January 2022 at 10:57 AM BST, whereas the FTSE 250 index was at 23,928.66, up by 0.13 per cent.
The company has a market cap of £904.91 million, as of date.
