Oil and natural gas are still projected to meet more than half of the world’s energy needs in 2050, or 54%, Exxon Mobil Corp said on Monday, with the world failing to keep global temperature increases below 2 degrees Celsius.
Exxon produces less than 3% of the world’s daily crude demand and in May its shareholders overwhelmingly rejected calls for stronger measures to mitigate climate change.
“It’s those darn shareholders! Our hands are tied!”
Seems like the reasoning they are going with. Really we need to make it somehow more profitable to do the right/climate focused things.
Not that it’s a good excuse, but isn’t that true? Investors ultimately elect executive management.
The abstraction between investor ownership and company management is one of the most damaging structures ever built.
Take your pick!
https://imgur.com/a/856MuzH