Rep. Smith Expands His Climate Change Inquisition

Melting Glacier

There was an article in the New York Times on May 23 about developments in a story I’ve been following and writing about here. To recap: There are allegations that Exxon Mobile deliberately misled the public about the impact of fossil fuel burning on the climate, and New York’s Attorney General opened an investigation to determine what Exxon Mobile was telling the public, and whether that was consistent with what the company’s own scientists were reporting from their research. If Exxon Mobile knew that the burning of fossil fuels was contributing to a warming climate, but was telling the public that science was inconclusive on the mater, they were deceiving not only the public, but shareholders.

In April, I noted that more states were joining in the investigation.

Now, The New York Times reports that shareholders are beginning to question whether Exxon Mobil is being realistic in assessing the growth in demand for oil. Shareholders want the company to consider the impact of policy changes that may be enacted to slow the pace of climate change. These concerns are being expressed not just by small activist investors, but by large institutions such as the California Public Employees’ Retirement System, New York City’s pension fund, and the Norwegian sovereign wealth fund, according to The Times. These shareholders have demanded a vote at the company’s annual meeting on a resolution calling for Exxon Mobile to publish an annual assessment of the impact of various climate change policies.

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