ExxonMobil on green defense

ExxonMobil shareholders seem to think that the oil company is lagging behind competitors when dealing with climate change.

Several major investors, which include ExxonMobil’s largest share owners plan to vote next week in a resolution that will force the company to address climate change risks. The investors hold over 91 million ExxonMobil shares currently valued at more than $8.6bn.

According to Ceres, a coalition of investors and environmental groups who helped organize the shareholder resolutions:

“While industry peers including Chevron, BP and Shell have already invested billions of dollars in renewable energy and set company-wide greenhouse gas reduction targets, Exxon Mobil has yet to take substantial action to deal with the economic, competitive, physical and regulatory risks resulting from climate change. Exxon also stands alone among many of its peers in opposing national climate policies to curb greenhouse emissions.”

ExxonMobil, in response, released a statement today outlining their 2007 green performance, which can be accessed in the company’s Corporate Citizenship Report.

Come to think of it, I did not hear any presentations from ExxonMobil nor saw any representatives from the company when I last attended BIO’s World Congress on Industrial Biotechnology and Processing. But maybe this is just a coincidence…

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