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Big Oil Companies Take Some Big Hits On Climate Change : NPR

by All News Admin
May 27, 2021
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A hedge fund invests its manner onto the board of ExxonMobil with a view to push the agency towards cleaner vitality. On the identical time, a Dutch courtroom ordered Royal Dutch Shell to chop its carbon emissions sooner.



STEVE INSKEEP, HOST:

You recognize, I am trying right here at an inventory of the largest companies based mostly on their market capitalization, what the corporate is price general. Exxon ranks thirty third, which is fairly massive. It is a massive firm. Nevertheless it was once No. 1. Exxon is price a fraction of what some massive tech corporations are lately. In reality, Exxon is price rather a lot lower than Exxon was once price. It faces massive uncertainties due to local weather change. And that’s the context for a significant shareholder transfer. A tiny hedge fund managed to put two new administrators on Exxon’s board, and perhaps extra, in an try to shift Exxon’s enterprise technique towards renewable vitality. It is certainly one of many oil corporations below stress. So we’ll focus on this with NPR’s Camila Domonoske. Good morning.

CAMILA DOMONOSKE, BYLINE: Good morning.

INSKEEP: What occurred to Exxon?

DOMONOSKE: Properly, a brand-new hedge fund began final yr with the specific goal of placing new members on Exxon’s board over the extreme opposition of Exxon’s present management. This hedge fund argued that, one, Exxon had made dangerous investments. That is a part of the rationale why they don’t seem to be the company titan that they was once, such as you talked about. In addition they stated, basically, that Exxon does not have a great plan for getting ready for a world that is tackling local weather change.

And I am going to emphasize right here, these are buyers making a monetary argument to different buyers, proper? They are not saying Exxon must cease burning oil as a result of it is dangerous for the planet. This argument is that, look; the world may cease shopping for oil due to considerations over local weather change. So Exxon higher have one thing else to promote them. It might be dangerous enterprise to not put together for that. And this tiny fund persuaded sufficient different shareholders to hitch them that they really gained a minimum of two of those seats on this election.

INSKEEP: And I suppose they’re nonetheless doing a bit little bit of relying on the third seat that might go that manner. It’s attention-grabbing - we have coated on this program massive automakers saying we’re transitioning over to electrical vehicles. Sooner or later, we’re not going to be doing gasoline-powered automobiles. However what does Exxon should say about all of this?

DOMONOSKE: Yeah. Exxon is deeply skeptical about how shortly this transition away from oil and fuel can occur. Everybody agrees that proper now, the world shouldn’t be presently on observe for a fast sufficient transfer away from oil and fuel to fulfill the necessity that scientists are calling for, proper? Legal guidelines would have to be modified. A ton extra renewables have to be constructed. Individuals have to fly and drive much less and, such as you talked about, change to electrical automobiles and do it actually, actually shortly. Exxon appears to be like in any respect of that and says, it is simply not going to occur any time quickly. Persons are going to be shopping for oil and fuel for many years to return. And we’ll be there to promote it to them.

INSKEEP: Yeah.

DOMONOSKE: And what this exceptional vote exhibits is that buyers are more and more pushing again on that and saying, no, your assumptions that the long run will seem like the previous is perhaps basically flawed.

INSKEEP: How does Exxon’s expertise slot in with different oil corporations proper now?

DOMONOSKE: Yeah. So they arrive below explicit scrutiny partly due to their historical past on local weather. However you have got this taking place throughout the board. There have been local weather proposals at Chevron and ConocoPhillips this spring, the place buyers known as for these corporations to vary their enterprise practices. It wasn’t as confrontational as what occurred at Exxon, not as dramatic as this board battle. However we’re seeing mainstream buyers adopting arguments that was once the province of simply eco-activists.

INSKEEP: There may be one firm, Shell, that has stated, hey, we’ll get on high of this. And but Shell is in bother.

DOMONOSKE: Yeah. It is actually attention-grabbing. This Dutch courtroom is telling Shell that they should reduce their emissions sooner than deliberate. And this can be a firm that, in comparison with the American oil corporations, may be very progressive on local weather. It simply exhibits issues are shifting actually quickly on this space. And for an oil firm, the bar retains shifting up for what it takes to deal with local weather.

INSKEEP: Camila, thanks for preserving us updated.

DOMONOSKE: Yeah. Thanks, Steve.

INSKEEP: NPR’s Camila Domonoske.

Copyright © 2021 NPR. All rights reserved. Go to our web site phrases of use and permissions pages at www.npr.org for additional data.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced utilizing a proprietary transcription course of developed with NPR. This textual content might not be in its ultimate type and could also be up to date or revised sooner or later. Accuracy and availability could differ. The authoritative document of NPR’s programming is the audio document.



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