Here's another article about the demise of petroleum extraction.
The ‘Mean Greens’ Are Forcing Exxon to Clean Up Its Act
https://www.nytimes.com/2021/06/01/opinion/exxon-mobil-board.html
...
One that most glaringly did not is the one that in 2013 was the biggest
public company in the world! It’s ExxonMobil.
...
Exxon lost over $20 billion last year, suffered a credit rating
downgrade, might have to borrow billions just to pay its dividend, has
seen its share price over the last decade produce a minus-30 percent
return and was booted from the Dow Jones industrial average.
But last week — finally — Exxon got the memo, in the form of a
shareholder revolt in what was one of the most consequential weeks in
the history of the oil and gas industry and shareholder capitalism.
...
At Exxon’s annual meeting, Engine No. 1 offered up a slate for four new
members of Exxon’s 12-member board. The four represent deep energy
expertise and climate solutions. The slate committed to push the oil
giant to a net-zero emissions strategy by 2050, more investments in
clean energy systems and more transparency about Exxon’s energy
transition, with metrics and milestones, as well as disclosure of its
lobbying payments and partners, suspected of undermining the science
around climate change.
...
Exxon’s existing board was noteworthy for one thing: Other than the
C.E.O., it had one member — appointed only this year — who I would call
an energy expert, and none steeped in climate expertise that could help
the company adapt.
...
Karsner, the other Engine No. 1 nominees and Engine No. 1 itself are out
to strengthen Exxon, not destroy it. They view it as one of the world’s
greatest collections of scientific and engineering talent.
...
they think Exxon has got to stop betting that the good ole days of oil
and gas profits will return ... not only investing more in future carbon
capture, batteries and other renewables, but also using its engineering
prowess to invent that future — while it still has an income stream from
oil and gas.
...
--------
Peri
<< Annoyed by leaf blowers ? https://quietcleanseattle.org/ >>
-------------- next part --------------
An HTML attachment was scrubbed...
URL:
<http://lists.evdl.org/private.cgi/ev-evdl.org/attachments/20210602/eaf3df2c/attachment.html>
_______________________________________________
Address messages to ev@lists.evdl.org
No other addresses in TO and CC fields
UNSUBSCRIBE: http://www.evdl.org/help/index.html#usub
ARCHIVE: http://www.evdl.org/archive/
LIST INFO: http://lists.evdl.org/listinfo.cgi/ev-evdl.org
