Exxon foe Engine No. 1 to build fossil fuel plants with Chevron

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Financial Times 2d ago

Exxon foe Engine No. 1 to build fossil fuel plants with Chevron - Financial Times

Quick Summary:

In 2023 he announced the hedge fund would put $780mn into the base metals business of Brazilian miner Vale and told the FT that he never considered himself an activist investor.“I consider myself an investor and activism is a tool of last resort, not a strategy,” he said.

The former activist investor said on Tuesday it was forming a joint venture with Chevron and agreed to a partnership with energy company GE Vernova to develop natural gas power plants under a fast-track timeline.

It was not about ideology or fossil fuels or renewables,” James told the Financial Times.“This partnership with Chevron and GE is about allocating capital in an economy that is undergoing a re-industrialisation and needs dramatically more power . . . This will lead to value creation for shareholders.