ExxonMobil Responds To Investors’ Concerns re: the Report of the International Panel on Climate Change
I had a lengthy breakfast meeting yesterday with 2GreenEnergy’s intern Louis de Saint Phalle, during which we spoke about the overall state of the world vis-à-vis climate change and the fossil fuel industry that, according to our scientists, is the main force driving this ecological catastrophe. My young colleague has lived all over the world, and now, for the time being at least, has consented to live in Santa Barbara, to facilitate my work with him. And it’s not too painful for either of us; this beautiful small city with mild weather affords us few complaints.
No sooner had I returned to my office than I read the energy headlines, among which was ExxonMobil’s plucky response to nervous stockholders who, understandably, are asking the senior executive team if the world governments will curtail the activities of the largest corporation in an effort to protect the world’s people from sea level rise, water and food shortages, ocean acidification, lung disease, loss of biodiversity, etc. Shareholders became even more jittery as a result of the last week’s report from the IPCC (International Panel on Climate Change), which sharply intensified warnings about these threats, as compared with its previous reports on the topic.
Yet Exxon’s response, ever bold and brave response, was essentially: Yes, we’re aware of the IPCC report, but, because oil and gas are so critical to economic growth, governments are “highly unlikely” to adopt policies that cut emissions so sharply that fossil fuel consumption would be severely restricted.
They have a point here. Yes, the seven billion people living on this planet are, indeed, the underdog; in particular, we are, to use Exxon’s words, “highly unlikely” to make a positive difference in the ultimate outcome in the world’s de facto energy policy, i.e., the burning of fossil fuels – and thus, in the fate of our civilization. But that doesn’t keep a whole bunch of us from getting out of bed every morning and trying our level best to effect change.
