Heads of the world’s big five oil companies have been showered with bonus payouts linked to $1tn of spending on fossil fuel exploration in the last nine years, according to the Guardian. “The unprecedented push to bring untapped reserves into production, and to exploit new and undiscovered fields, involves some of the most complex feats of engineering ever attempted. It also reflects how confident Exxon Mobil, Shell, Chevron, Total and BP are that demand will remain high for decades to come.

The big oil groups are pressing ahead with investments despite the International Energy Agency (IEA) estimating that two-thirds of proven fossil fuel reserves will need to remain in the ground to prevent the earth from warming 2C above pre-industrial levels – a proposed temperature limit beyond which scientists warn of spiralling and irreversible climate change.” [The Guardian]

City leaders say a new policy passed by the council is already saving them money. It requires buildings in the city to record and report energy usage and look for ways to cut. “Atlanta Building Energy Efficiency Project Manager Matt Cox says commercial buildings make up 66 percent of the energy used in Atlanta — making them the biggest source of consumption and the largest producer of emissions.” [NBC]

The North American energy ministers announced yesterday the creation of the North American Energy Ministers’ Working Group on Climate Change and Energy.”The announcement took place during the third official meeting of North American energy leaders in Morida, Mexico. With today’s milestone, Canada, the United States and Mexico will prioritize collaboration in the following areas:

This political milestone builds on previous enhanced continental cooperation on energy and the environment announced in December 2014.” [MarketWatch]