{"id":33165,"date":"2017-02-23T17:30:36","date_gmt":"2017-02-23T17:30:36","guid":{"rendered":"http:\/\/www.climatechangenews.com\/?p=33165"},"modified":"2017-02-23T17:49:13","modified_gmt":"2017-02-23T17:49:13","slug":"exxon-mobil-shareholders-renew-call-for-2c-climate-analysis","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2017\/02\/23\/exxon-mobil-shareholders-renew-call-for-2c-climate-analysis\/","title":{"rendered":"Exxon Mobil shareholders renew call for 2C climate analysis"},"content":{"rendered":"

Exxon Mobil should show how its business model will fare in a world that takes effective action against dangerous climate change.<\/strong><\/p>\n

That is the demand 38.2% of shareholders agreed with at the US oil giant’s\u00a0AGM in 2016. It fell short of the majority needed\u00a0to force the board’s hand.<\/p>\n

This year,\u00a0New York State and the Church of England are back\u00a0with a bigger coalition. Investors worth US$4 trillion support\u00a0their call for climate risk disclosure from the outset, compared to a $300bn club<\/a> floating the 2016 resolution.<\/p>\n

\u201cAs investors, we are concerned that, unlike many of its peers, Exxon has not taken the steps necessary to demonstrate its resilience in a lower carbon future,\u201d said Thomas DiNapoli, comptroller of NY State’s retirement fund.<\/p>\n

\u201cWe want to know what Exxon\u2019s strategy is for continued profitability as governments around the world live up to their commitment to the Paris Agreement 2 degree scenario.\u201d<\/p>\n

BP\u2019s energy outlook:<\/strong> reality check or PR bullshit?<\/a><\/p><\/blockquote>\n

Under the Paris Agreement, world leaders agreed to hold global warming “well below 2C”. That\u00a0means ending reliance on fossil fuels.<\/p>\n

A seminal analysis<\/a>\u00a0from UCL\u00a0showed\u00a0at least half of proven natural gas reserves and a third of oil are unburnable in a 2C world.<\/p>\n

Oil companies all expect the climate accord to fail, based on the central scenarios in their annual energy outlooks. Some, like\u00a0Shell<\/a> and BP<\/a>,\u00a0have started to explore\u00a0the possibility they\u00a0might be wrong.<\/p>\n

In response to investor pressure, Exxon appointed its first climate expert to the board this month: atmospheric scientist Susan Avery.<\/p>\n

Edward Mason, head of responsible investment at the Church Commissioners, said there had been “positive” discussions with Exxon – but still no commitment to consider a 2C scenario. “We believe Exxon\u2019s board can and should support our reasonable disclosure request,\u201d he said.<\/p>\n

\n

2014: We warned Exxon it could waste $16bn on oil sands projects.<\/p>\n

2017: Exxon writes off $16 bn from oil sands.https:\/\/t.co\/EhsJ2zQzif<\/a> pic.twitter.com\/NGQMBHgZYY<\/a><\/p>\n

\u2014 Carbon Tracker (@CarbonBubble) February 23, 2017<\/a><\/p><\/blockquote>\n