ExxonMobil are n’t exactly bastion of benefaction when it come to clime change . Just face at the finding of a late , comprehensive analytic thinking of their history on the subject : Itrevealedthat they regularly smeared over the finding of their own climatologists by using heavy - handed fossil fuel - touting PR campaigns , an example of cognitive dissonance par excellency .
Now , as revealed byCNN Money , it appear that the globe leader in oil have fall behind a major competitiveness that they ’ve been engage in for some time now . Thanks to the action of its increasingly green - minded shareowner , the company will now be more open about the threat it faces from both climate change and the efforts to battle it .
To be vindicated , this does n’t mean they ’re kick the bucket to start talking about how their fossil fuel venture are add to the anthropogenic phenomenon , as lovely as that would be . Instead , they will publically explain how they are preparing for the inevitable transition to a grim - carbon world , as well as orient out that their profits are going to be impeded by a ambit of factor .
These include , but are n’t confine to , the planetary turnaway from both rock oil and ember , the proliferation in renewables ( and born gas , the least carbon - rich fossil fuel ) , and major external and regionalagreementsto mitigate climate modification .
As pointed out by theGuardian , back in June – shortly before the White House displume out of theParis agreement – 62 pct of Exxon ’s shareholder voted for a movement that call for the conglomerate be more open about the shock of clime change .
It required all the company ’s actions regarding oil and gas to address the financial risks they are more and more link up with . Although not demand that the troupe just throw in the towel , the resolution did specifically mention the Paris agreement ’s 2 ° C ( 3.6 ° farad ) upper thawing limit and urged Exxon to realize that this would leave in a reduced demand for their current Service .
Any refusal to abide by and swallow the risks of climate alteration would clearly endanger the caller ’s relationship with its investors and shareholders . After resisting for several months , the company has now resolve to accept the non - binding motion and proceed consequently .
It ’s being reported that Exxon has “ reconsider ” the marriage proposal after discussions with major shareholders , and that “ in the nigh future ” it will issue risk assessments on mood change . This certainly does n’t sound like an atomic number 26 - robe conclusion , something some shareholdersexpressed concernover , but others see the personnel of variety as basically adamantine at this point .
They are now ( hopefully ) in the same camp as 237 other major companies , who according toBloomberghave already pledged to be more open when it comes to the effects of mood change on their portfolios .
