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An oil rig off the coast of Saudi Arabia. Photo: Getty Images

There's interesting information in Saudi Aramco's 469-page bond prospectus, beyond the $111 billion net income last year that Axios Generate noted on Monday.

Driving the news: The state oil giant lays out a series of climate and climate-policy related risks to its business, including reduced demand for fossil fuels, litigation, and threats to infrastructure.

The intrigue: The Saudis are increasingly making the case that in a carbon-constrained world, their oil will have market-staying power.

  • That's because of its relatively low carbon intensity (that is, emissions per unit of output) compared to other major producers.
  • Their prospectus lists the CO2 intensity of Aramco production among their "competitive strengths."
  • It also repeatedly highlights a Stanford-led analysis listed last year in the peer-reviewed journal Science that addresses the topic. (Note: Aramco helped fund the research, but the authors of the study said it did not influence the findings.)
"Climate change concerns may cause demand for crude oil with lower average carbon intensities to increase relative to those with higher average carbon intensities."
— The prospectus

What they're saying: "I see it as a recognition of what's important to a large portion of investors and consumers," oil analyst and Saudi expert Ellen Wald told me yesterday.

Flashback: Experts have been predicting that the Saudis would increasingly emphasize this, including Rice University's Jim Krane in a paper last year.

Go deeper ... A petro-tipping point: U.S. to surpass Saudi oil exports

Go deeper

2 hours ago - World

Biden seeks to reboot U.S. sanctions policy

Sanctions increased under Obama and dramatically under Trump. Photo: Tom Williams/CQ Roll Call

The Biden administration is rethinking the U.S. approach to sanctions after four years of Donald Trump imposing and escalating them.

The big picture: Sanctions are among the most powerful tools the U.S. has to influence its adversaries’ behavior without using force. But they frequently fail to bring down regimes or moderate their behavior, and they can increase the suffering of civilians and resentment of the U.S.

2 hours ago - World

Merkel's farewell spoiled by Poland crisis at EU summit

One last awkward EU "family photo." Photo: John Thys/AFP via Getty Images

Angela Merkel took up her vaunted mantle as Europe's crisis manager for what could be the last time tonight, as she urged the EU to find compromise in its showdown with Poland.

Why it matters: The European Commission has threatened to withhold over $40 billion in pandemic recovery funds after Poland's constitutional tribunal — stacked with loyalists from the ruling right-wing populist party — rejected the principle that EU law has primacy over national law.

Republicans who put it all on the line

Rep. Nancy Mace speaks with reporters after voting to hold Steve Bannon in contempt of Congress. Photo: Anna Moneymaker/Getty Images

A small contingent of House Republicans risked their political futures on Thursday, they say, in the name of constitutional responsibility.

Why it matters: The nine Republicans who voted to hold former Trump aide Steve Bannon in contempt of Congress are now in peril of becoming political pariahs. They've opened themselves up to potential primary challengers and public attacks from their party's kingmaker — former President Trump.