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Investors' Hit on Global Warming Inaction | Oil Watchdog

Investors' Hit on Global Warming Inaction

Wed, Feb 14, 2007 at 6:36 pm

    Investors' Hit on Global Warming Inaction

    A group of leading US investors named ExxonMobil and ConocoPhlillips  to its Climate Watch List, a list of 10 companies that have been identified as lagging behind their industry peers in their responses to climate change. As part of this effort, investors have filed shareholder resolutions with the 10 companies – and 26 other US businesses – aimed at improving their focus and attention to the business risks and opportunities from climate change.

    “Many US companies are confronting the risks and opportunities from climate change, but others are not responding adequately – and they may be compromising their long-term competitiveness and shareholder value as a result,” said Mindy S. Lubber, president of Ceres, a leading coalition of investors and environmental groups that helped coordinate the shareholder filings.

    ConocoPhillips has made no significant investments in wind, solar and other renewable energy technologies that will be in increasing demand in the years ahead, the group said. The investors were dissatisfied with the ExxonMobil’s climate risk disclosure and general lack of response to climate issues. Unlike other major oil firms, which are making tangible investments in low-carbon technologies, ExxonMobil has been unresponsive to investor requests for a decade regarding strategies intended to meet growing demand for diversified energy sources.

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