Exxon Mobil Corp has pushed back against investors pressing the largest U.S. oil producer to report on the risks to its business from restrictions on greenhouse gas emissions and potential environmental disasters.
has pushed back against investors pressing the largest U.S. oil producer to report on the risks to its business from restrictions on greenhouse gas emissions and potential environmental disasters.
A shareholder proposal seeking a report on the cost of having to abandon projects faces a shareholder vote on May 31. Glass Lewis backed the initiative, concluding Exxon could face material financial risks from the net-zero scenario.Exxon has said the world is not on a path to achieve net-zero emissions in 2050. It says limiting energy production to levels below consumption demand would lead to a spike in energy prices, as observed in Europe following oil sanctions against Russia over Ukraine.
For the NZE scenario to be met, the IEA had said new oil exploration would have to have stopped in 2021 and nations would have to switch to renewable energy from fossil fuels. Exxon is among the companies heavily investing in new exploration to generate oil and gas for decades to come. "It is highly unlikely that society would accept the degradation in global standard of living required to permanently achieve a scenario like the IEA NZE," Exxon said in dismissing the proposal.
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