SEVERE WX : Winter Weather Advisory View Alerts

Exxon gives up major climate change fight

Score one for ordinary shareholders and people worried about climate change.After years of resisting, ExxonMob...

Posted: Dec 12, 2017 4:37 PM
Updated: Dec 12, 2017 4:37 PM

Score one for ordinary shareholders and people worried about climate change.

After years of resisting, ExxonMobil has agreed to reveal the risks it faces from climate change and the global crackdown on carbon emissions.

It's a major reversal for the world's biggest publicly traded oil company. Exxon aggressively fought a shareholder proposal in May to disclose how the changing climate could hurt the company. The proposal wasn't binding, but 63% of shareholders supported it -- a rare rebuke that forced Exxon to rethink its stance.

Exxon said on Monday it has "reconsidered" the proposal following talks with major shareholders and supporters of the idea. Exxon said in an SEC filing that "in the near future" it will "further enhance" its disclosures on climate change.

Those enhancements, Exxon said, will include how the company is positioning for a lower-carbon future, how its business could be hurt by shifting energy demands and the "implications of two degree Celsius scenarios." The 2015 Paris climate accord requires countries to limit global average temperature rise to well below 2 degrees Celsius.

Limiting global warming could have massive implications for Exxon. For instance, Exxon's energy assets could lose value if the world's oil appetite shrinks because of emerging technologies like electric cars and regulations stemming from the Paris agreement.

Related: These companies are coming clean on climate change

Thomas DiNapoli, the New York state comptroller, who spearheaded the proposal, celebrated Exxon's reversal in a statement and called it a "win for shareholders."

"Exxon's decision demonstrates that investors have the power to hold corporations accountable and to compel them to address our very real climate-related concerns," said DiNapoli, who oversees nearly $200 billion in New York pensions held by teachers, police officers and other public workers.

In the past, Exxon had rejected the need for a so-called stress test of its climate risk because it already published an annual energy outlook that incorporates the impact of "increasingly stringent climate policies." Exxon has also pointed to efforts to limit greenhouse gas emissions through investments in new technology.

Exxon had also urged President Trump not to abandon the global climate agreement. The accord should boost demand for Exxon's vast natural gas business over dirtier fuels like coal.

To celebrate the two-year anniversary of the Paris accord, nearly 240 companies, including BlackRock and JPMorgan Chase, have agreed to come clean on the risks from climate change.

Related: Harvard study: Exxon 'misled the public' on climate change

The Exxon shareholder vote was seen by climate activists as a major victory. In support of the shareholder proposal, Greenpeace launched a campaign in Dallas that featured billboards, bumper stickers and a blimp that said, "You pay the price for Exxon's greed."

Exxon has only come under more scrutiny since then. In August, Harvard University published a peer-reviewed study that found Exxon misled the public about the dangers of climate change for nearly 40 years. Exxon dismissed the study as "inaccurate and preposterous."

In September, the cities of San Francisco and Oakland filed lawsuits demanding Exxon and other oil companies pay billions to cover the costs of sea walls and other protections against rising sea levels caused by climate change.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 129863

Reported Deaths: 2367
CountyConfirmedDeaths
Hennepin33310981
Ramsey13782357
Dakota9541137
Anoka8414150
Stearns566541
Washington546970
Scott329334
Olmsted318330
St. Louis285065
Wright236714
Nobles221916
Clay221443
Blue Earth20207
Carver17437
Kandiyohi16505
Sherburne163421
Rice16059
Mower150315
Winona123618
Crow Wing98021
Lyon9516
Chisago9502
Waseca9229
Benton9107
Beltrami8717
Otter Tail8187
Todd7695
Steele7413
Nicollet71417
Itasca70617
Morrison6948
Freeborn6594
Douglas6473
Le Sueur6145
Martin60616
Polk5964
McLeod5804
Watonwan5764
Goodhue55811
Becker5383
Pine5230
Isanti5195
Chippewa4243
Carlton4111
Mille Lacs38714
Dodge3860
Hubbard3692
Wabasha3590
Cass3575
Pipestone34217
Meeker3223
Brown3163
Rock3154
Yellow Medicine2755
Cottonwood2720
Murray2723
Redwood26911
Fillmore2500
Renville24311
Sibley2433
Roseau2280
Faribault2210
Wadena2153
Unassigned21153
Jackson2071
Houston1951
Kanabec19510
Swift1941
Stevens1771
Lincoln1760
Pennington1741
Aitkin1652
Koochiching1654
Pope1540
Big Stone1320
Lac qui Parle1313
Wilkin1294
Lake1150
Norman1080
Mahnomen1062
Marshall1031
Clearwater1010
Grant924
Red Lake692
Traverse540
Lake of the Woods441
Kittson380
Cook120

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 112754

Reported Deaths: 1615
CountyConfirmedDeaths
Polk18617286
Woodbury704194
Johnson576330
Black Hawk544098
Linn5342129
Dubuque501657
Scott433738
Story394418
Dallas339744
Pottawattamie314844
Sioux236416
Buena Vista224112
Marshall198336
Webster180715
Plymouth161927
Wapello150562
Clinton143026
Muscatine140758
Crawford134414
Des Moines133610
Cerro Gordo131425
Warren12037
Carroll109912
Jasper107034
Henry10325
Marion96310
Lee93110
Tama92737
Delaware74212
Dickinson7217
Wright7101
Boone7039
Mahaska67024
Bremer6559
Harrison63711
Washington63411
Jackson5763
Benton5532
Lyon5337
Clay5144
Louisa51215
Winnebago46619
Hamilton4624
Hardin4606
Winneshiek4609
Kossuth4510
Poweshiek44711
Cedar4375
Buchanan4314
Jones4284
Floyd42511
Emmet42017
Clayton3933
Iowa3918
Cherokee3882
Page3860
Sac3854
Guthrie38015
Franklin37818
Cass3712
Mills3711
Shelby3621
Fayette3604
Butler3592
Madison3533
Allamakee3518
Chickasaw3411
Clarke3393
Humboldt3163
Palo Alto3082
Hancock3064
Grundy2925
Calhoun2904
Osceola2660
Howard2629
Monroe25811
Mitchell2430
Monona2361
Jefferson2311
Taylor2312
Union2234
Appanoose2203
Pocahontas2192
Lucas1986
Fremont1941
Ida1872
Greene1830
Van Buren1672
Davis1654
Montgomery1647
Keokuk1561
Adair1521
Decatur1480
Audubon1411
Worth1370
Wayne1163
Ringgold882
Adams740
Unassigned80
Rochester
Overcast
28° wxIcon
Hi: 31° Lo: 24°
Feels Like: 20°
Mason City
Overcast
29° wxIcon
Hi: 35° Lo: 26°
Feels Like: 20°
Albert Lea
Overcast
28° wxIcon
Hi: 30° Lo: 25°
Feels Like: 20°
Austin
Overcast
28° wxIcon
Hi: 32° Lo: 25°
Feels Like: 22°
Charles City
Overcast
30° wxIcon
Hi: 37° Lo: 27°
Feels Like: 21°
Another Round of Snow
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Republicans campaign in Rochester

Image

Dr. Deborah Birx in Rochester

Image

Saturday's football highlights and scores

Image

Saturday Weather 10 pm

Image

Dr. Birx in Rochester

Image

Governor Walz veteran listening session

Image

Saturday Weather

Image

Rochester considers new downtown library complex

Image

Rochester Public Works Proposes Speed Limit Reduction

Image

Sports Overtime part two

Community Events