A real oil CEO horror story.
The Call is coming from inside the building!
Meanwhile, Exxon sues shareholders for wanting more green initiatives https://slrpnk.net/comment/8757029
I’m not very familiar with how public companies work, but I’m surprised that a shareholder with only 3% of ownership can make such demands and can excel such control. I understand they’re the largest shareholder, but I could imagine a large portion of the remaining 97% would pay for now following the Paris accords since it may main less money for all investors on the future.
A recent study (still in peer review phase last I saw but the people who wrote it and good work) showed that the 1C rise in temperatures vs pre-industrial times (which we’re already past) lowered GDP by 12% or more globally. The current 3C that many climate scientists are warning we’re on track for could lower GDP by 50% or more.
Not following the Paris accords or stricter is actually going to hit stockholders hard if the study is accurate.
I guess it feels surprising they care about long term problem vs ignoring that for short term profit
That’s the part that I’m banking on, that 12% has already happened. That’s 12% they’ve lost out on in the short present term. I’m hoping they see that and decide they want that money back. I know they’re probably doing a cost benefit analysis of cost to combat climate change versus potential lost GDP. But still, I’ll take any arrow in the quiver against them.