Tag: Exxon

Exxon In Pitched Battle With the World

Washington (Gallant Gold Media Hill Report | Analysis | June 7, 2019) –  A growing number of world leaders, and state attorney generals, are taking off their gloves and flexing their muscles in an effort to drive home the point with Exxon that they aren’t backing down. In fact, they plan to ramp up their resolve, and persevere through to the next level and pry the appropriate climate action commitment from Exxon. Not only that, the world’s prepared to continue bringing charges against Exxon for climate fraud.

ExxonMobile Corp is the world’s largest publicly traded oil company. Back in 2015, during the build up to the 2016 presidential election,  documents leaked revealing that Exxon had intentionally kicked off a misinformation campaign for the purpose of undermining climate science in the hopes it would steer decision makers to continue with the massive use of oil for automobiles and energy. Since the 1970’s, Exxon has known that oil production causes global warming and has continued to mislead consumers, failing to warn of the hazards.

Now, 40 years later, we see Exxon’s misinformation campaign worked. Carbon levels have risen significantly – 335 PPM to 415 PPM. Thousands of innocent people have died as a result.

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The state Attorney General’ who have and/or will be filing climate fraud charges against Exxon:

  • Massachusetts
  • New York
  • Rhode Island
  • Washington DC – tentative

Foreign Nations are leveling penalties against Exxon through the European Parliament.

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Exxon Shareholder Majority Rejects Climate Action Responsibility | Votes for High Profit at World’s Expense

Washington (Gallant Gold Media Hill Report | Analysis | May 30, 2019) –  American publicly traded global fossil fuel companies are in for a turbulent next twelve months. Exxon was feeling this rough ride at it’s annual shareholders meeting Wednesday May 29, 2019. Two of its largest shareholders were demanding climate action accountability and threatened to wrangle the support of fellow shareholders and vote the directors out.

The New York State Common Retirement Fund, led by Thomas DiNapoli, the New York State Comptroller, along with The Church of England led the proxy fight. And although they may have missed their targeted goal of outright removal, they successfully increased shareholder support for climate responsibility. More eyes will now be closely following decision makers, and tweeting about their objections.

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The Church of England, another large Exxon shareholder, believes in ethical finance. They’ve made their shock and frustration with Exxon’s refusal to act on #climatechange very public.

“This has been a very difficult AGM for Exxon and a warning shot to management.” ~Edward Mason, Church of England

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Climate Action 100+ is a force to be reckoned with. This powerful group of 324 #climate focused international investors, control $33.4 trillion in assets. They have a reach far beyond America’s political divide with a proven ability to move mountains. American conservative investors who aren’t paying attention may find their political allegiance selling them short in the long run, maybe even the short run depending on where the next Category 4 or 5 hurricane or tornado strikes.

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Exxon’s press release, following their shareholder’s meeting  on May 29, 2019, stated: “ExxonMobil expects to increase annual earnings potential more than 140 percent and double potential annual cash flow from operations by 2025 from 2017 adjusted earning, assuming a 2017 oil price of $60 per barrel adjusted for inflation based on 2017 margins.” Seeing numbers like 140% and a doubling of “potential cash flow” without a concrete plan for climate action, is a clear statement that Exxon views profits as far more important than cutting carbon.

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The climate action world does not agree with Exxon’s disregard for their responsibility to decrease Exxon’s carbon footprint. The climate focused public will happily avoid Exxon gas stations, and instead choose Shell and BP. If dollars are the only way to connect with Exxon’s decision makers, the public will accept this and send our objections using dollars. No problem.

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Will Exxon Shareholders Revolt on May 29? | Climate Action

Washington (Gallant Gold Media Hill Report | Perspective | May 28, 2019) –  Several large Exxon shareholders demanded that a climate proposal be included on the ballot for the 2019 annual meeting to be held on Wednesday, May 29, but Exxon failed to comply.

The Church of England, and New York State Common Retirement Fund led by Thomas DiNapoli, the New York State Comptroller, initiated a proxy fight against the Exxon directors on Friday, May 3, claiming that Exxon’s “inadequate response to climate change constitutes a serious failure of corporate governance.”

The band of pro climate action Exxon shareholders, are aligned with Climate Action 100+, a group of investors who command $32 trillion in assets and are using their strength to leverage change amongst resistant companies like Exxon. They asked fellow Exxon shareholders to vote against all existing Exxon directors at Wednesday’s annual meeting.

Of particular concern, is that Exxon competitors are creating effective climate action game plans that curb carbon emissions for this notoriously irresponsible industry. For example:

  • BP Plc
  • Chevron
  • Royal Dutch Shell Inc
  • Total SA

Will the dawning of Wednesday May 29, 2019, when Exxon finds itself with their back against the wall in Houston, TX, prove to be the much needed turning point for the US fossil fuel mega corporations, who have been the main drivers in global warming across the globe for more than three decades? We’ll soon find out.

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