Exxon gives up major climate change fight

Score one for ordinary shareholders and people worried about climate change.After years of resisting, ExxonMob...

Posted: Dec 12, 2017 4:37 PM
Updated: Dec 12, 2017 4:37 PM

Score one for ordinary shareholders and people worried about climate change.

After years of resisting, ExxonMobil has agreed to reveal the risks it faces from climate change and the global crackdown on carbon emissions.

It's a major reversal for the world's biggest publicly traded oil company. Exxon aggressively fought a shareholder proposal in May to disclose how the changing climate could hurt the company. The proposal wasn't binding, but 63% of shareholders supported it -- a rare rebuke that forced Exxon to rethink its stance.

Exxon said on Monday it has "reconsidered" the proposal following talks with major shareholders and supporters of the idea. Exxon said in an SEC filing that "in the near future" it will "further enhance" its disclosures on climate change.

Those enhancements, Exxon said, will include how the company is positioning for a lower-carbon future, how its business could be hurt by shifting energy demands and the "implications of two degree Celsius scenarios." The 2015 Paris climate accord requires countries to limit global average temperature rise to well below 2 degrees Celsius.

Limiting global warming could have massive implications for Exxon. For instance, Exxon's energy assets could lose value if the world's oil appetite shrinks because of emerging technologies like electric cars and regulations stemming from the Paris agreement.

Related: These companies are coming clean on climate change

Thomas DiNapoli, the New York state comptroller, who spearheaded the proposal, celebrated Exxon's reversal in a statement and called it a "win for shareholders."

"Exxon's decision demonstrates that investors have the power to hold corporations accountable and to compel them to address our very real climate-related concerns," said DiNapoli, who oversees nearly $200 billion in New York pensions held by teachers, police officers and other public workers.

In the past, Exxon had rejected the need for a so-called stress test of its climate risk because it already published an annual energy outlook that incorporates the impact of "increasingly stringent climate policies." Exxon has also pointed to efforts to limit greenhouse gas emissions through investments in new technology.

Exxon had also urged President Trump not to abandon the global climate agreement. The accord should boost demand for Exxon's vast natural gas business over dirtier fuels like coal.

To celebrate the two-year anniversary of the Paris accord, nearly 240 companies, including BlackRock and JPMorgan Chase, have agreed to come clean on the risks from climate change.

Related: Harvard study: Exxon 'misled the public' on climate change

The Exxon shareholder vote was seen by climate activists as a major victory. In support of the shareholder proposal, Greenpeace launched a campaign in Dallas that featured billboards, bumper stickers and a blimp that said, "You pay the price for Exxon's greed."

Exxon has only come under more scrutiny since then. In August, Harvard University published a peer-reviewed study that found Exxon misled the public about the dangers of climate change for nearly 40 years. Exxon dismissed the study as "inaccurate and preposterous."

In September, the cities of San Francisco and Oakland filed lawsuits demanding Exxon and other oil companies pay billions to cover the costs of sea walls and other protections against rising sea levels caused by climate change.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 468498

Reported Deaths: 9100
CountyCasesDeaths
Harrison31907468
Hinds30552569
DeSoto29532342
Jackson22868335
Rankin21016355
Lee14393214
Madison13961263
Jones13053215
Forrest12879231
Lauderdale11244292
Lowndes10148171
Lamar9972122
Pearl River8569208
Lafayette8008136
Hancock7110107
Oktibbeha6764117
Washington6756146
Neshoba6350200
Monroe6304156
Warren6267159
Panola6036122
Pontotoc599292
Bolivar5960143
Marshall5917115
Union558885
Pike5424133
Lincoln5192127
Alcorn509388
George454766
Scott447392
Leflore4377138
Tippah431780
Itawamba429192
Prentiss429074
Copiah423883
Simpson4238108
Wayne419663
Tate418999
Adams4174109
Yazoo411486
Sunflower4057104
Covington404891
Marion399699
Leake389784
Coahoma385996
Newton360273
Grenada3489100
Stone342657
Tishomingo320987
Attala318285
Jasper308261
Winston298191
Clay282672
Chickasaw277464
Clarke271784
Holmes257685
Calhoun256939
Smith241546
Yalobusha215447
Tallahatchie213849
Walthall203457
Lawrence202431
Greene202045
Perry195053
Amite191251
Webster191141
Noxubee173437
Montgomery168652
Jefferson Davis164041
Carroll158936
Tunica146533
Benton137531
Kemper136538
Claiborne124134
Choctaw123824
Humphreys122036
Franklin114127
Quitman100925
Wilkinson98335
Jefferson85832
Sharkey61620
Issaquena1916
Unassigned00

Alabama Coronavirus Cases

Cases: 757893

Reported Deaths: 12784
CountyCasesDeaths
Jefferson1082301712
Mobile694251158
Madison47738562
Baldwin35347420
Shelby34758281
Tuscaloosa32576495
Montgomery32249645
Lee21576200
Calhoun19621363
Morgan19061307
Etowah18363413
Marshall17028252
Houston15881337
St. Clair14724270
Limestone13908178
Elmore13812239
Cullman13756228
Lauderdale12909263
Talladega12124200
DeKalb11705220
Walker10047303
Autauga9371119
Blount9272146
Jackson8970132
Coffee8550150
Colbert8229160
Dale8162142
Escambia632298
Tallapoosa6255165
Covington6214153
Chilton6152128
Russell586753
Franklin558292
Chambers5155127
Dallas4569173
Marion4490114
Clarke447070
Pike439188
Geneva415999
Lawrence4002101
Winston399982
Bibb388975
Barbour334667
Marengo317778
Monroe306844
Butler305878
Pickens296166
Henry288550
Randolph288255
Hale282981
Cherokee275649
Fayette268569
Washington241844
Crenshaw226962
Clay219260
Macon211154
Cleburne205746
Lamar184638
Conecuh173337
Lowndes167856
Coosa160031
Wilcox153033
Bullock145642
Perry132430
Sumter122635
Greene117941
Choctaw71925
Out of AL00
Unassigned00
Tupelo
Cloudy
76° wxIcon
Hi: 82° Lo: 71°
Feels Like: 76°
Columbus
Cloudy
74° wxIcon
Hi: 78° Lo: 71°
Feels Like: 74°
Oxford
Cloudy
72° wxIcon
Hi: 79° Lo: 67°
Feels Like: 72°
Starkville
Cloudy
74° wxIcon
Hi: 80° Lo: 72°
Feels Like: 74°
Lots of tropical moisture leftover from Nicholas, along with some bits and pieces of low pressure will combine forces to give our area some good chances for some showers and thunderstorms over the next several days.
WTVA Radar
WTVA Temperatures
WTVA Severe Weather