• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
Celebrating our 1,000th edition. The climate news you need
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  FEATURED
BREAKING: UN Nature Summit, the ‘Paris Conference for Biodiversity’, Moves to Montreal in December June 19, 2022
‘LET’S SUE BIG OIL’: Legal Team Launches Class Action Campaign for B.C. Municipalities June 17, 2022
‘It Could Have Been Any of Us’, Colleague Says, After Brazil Confirms Murders of Bruno Pereira, Dom Phillips June 17, 2022
Infrastructure Gap a ‘Life and Death’ Matter as Northern Canada Warms June 17, 2022
Ban Fossil Fuel Ads Like Tobacco Promos, Doctors Urge Ottawa June 10, 2022
Next
Prev
Home Climate & Society Finance & Investment

Exxon Investors Demand Audit of Climate-Related Risk

May 27, 2022
Reading time: 2 minutes

Minale Tattersfield/flickr

Minale Tattersfield/flickr

6
SHARES
 

Colossal fossil ExxonMobil faced three financial and legal setbacks in 48 hours earlier this week, with shareholders demanding a formal audit of the company’s climate-related risk and a Massachusetts court rejecting its bid to dismiss a legal challenge to its climate transparency.

“This is no fringe element,” John Geissinger, chief investment officer of Christian Brothers Investment Services, told Politico, following a vote Wednesday in which 52% of Exxon shareholders supported a climate “stress test” to determine how the company would weather net-zero policies.

“Yet you have not quantified the impairment of existing assets, the remaining lives of assets, the effects on liabilities, the change in capital expenditures that would be required under the scenario,” Geissinger said. He added that there is a growing desire for transparency on how the company’s business will be affected by moves to lower emissions.

The resolution calls on the oil major to publish an audited report outlining how the International Energy Agency’s modelling of a net-zero economy by 2050 would affect the “assumptions, costs, estimates, and valuations” underlying its financial statements, reports the Financial Times. Exxon management had urged shareholders to vote against the measure, arguing the information was already readily available.

The company is also struggling to protect itself in court from evidence that it misled consumers and investors about climate change and the dangers of using fossil fuels.

On Tuesday, Massachusetts’ Supreme Judicial Court unanimously rejected Exxon’s attempt to dismiss a lawsuit from Attorney General Maura Healey, Reuters reports. After Exxon argued that the lawsuit violated a state law protecting defendants from a “strategic lawsuit against public participation” (SLAPP), the court ruled that the anti-SLAPP law applies to private lawsuits, not government enforcement actions.

Healey called the decision “a resounding victory in our work to stop Exxon from lying to investors and consumers in our state.” The AG had previously sued Exxon in 2019, alleging it deceived investors about the climate-driven risks to its business. Exxon denies wrongdoing and claims Healey’s case is politically motivated, Reuters writes.

The Massachusetts ruling came one day after Exxon, Shell, and other oil companies suffered defeat in a Rhode Island court ruling that allowed litigation to advance in the state court system. The companies had previously held up state cases over jurisdictional issues by arguing they should only be heard in federal courts. The Rhode Island ruling follows other similar decisions from courts in California, Baltimore, and Hawaii, says Drilled News.



in Climate Denial & Greenwashing, Climate News Network, Community Climate Finance, Finance & Investment, Legal & Regulatory, Oil & Gas, Sub-National Governments, United States

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Jason Woodhead/Flickr
Pipelines / Rail Transport

Trans Mountain Pipeline On Track to Lose $600 Million, Parliamentary Budget Officer Finds

June 24, 2022
312
Ben_Kerckx/Pixabay
Petrochemicals & Plastics

Plastics Cited as ‘Fossil Industry’s Plan B’ as Guilbeault Announces Partial Ban

June 24, 2022
193
Erik Whalen/wikimedia commons
Severe Storms & Flooding

Yellowstone Park Reopens, But Flood Recovery Could Take Years, Cost Billions

June 24, 2022
73

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

The federal government's Cliff Street Power Plant is at the centre of Ottawa's plans to reduce natural gas demand. Photo: PWGSC

EXCLUSIVE: Ontario Regulator Refuses New Pipeline, Tells Enbridge to Plan for Lower Gas Demand

May 30, 2022
5.1k
Jason Woodhead/Flickr

Trans Mountain Pipeline On Track to Lose $600 Million, Parliamentary Budget Officer Finds

June 24, 2022
312
Ben_Kerckx/Pixabay

Plastics Cited as ‘Fossil Industry’s Plan B’ as Guilbeault Announces Partial Ban

June 24, 2022
193
Bruce Reeve/Flickr

Opinion: Ontario’s New ‘Carbon Tax’ Looks Like the One Doug Ford Fought

June 7, 2022
1.6k
zephylwer0/pixabay

North American Steel, Aluminium Giants Lumber Toward Green Transition

June 24, 2022
164
Michael and Diane Weidner/Unsplash

Scientists, Politicians Debate Ethics of ‘Climate Tinkering’

June 7, 2022
72

Recent Posts

Erik Whalen/wikimedia commons

Yellowstone Park Reopens, But Flood Recovery Could Take Years, Cost Billions

June 24, 2022
73
TAFE SA TONSLEY/Flickr

Clean Energy Investment to Exceed $1.4T This Year, Still Falls Short of Climate Goals: IEA

June 24, 2022
93
Nemaska Lithium/Facebook

Critical Minerals, Hydrogen Lead Ottawa’s Low-Carbon Industry Strategy

June 24, 2022
79
Cjp24/Wikimedia Commons

UK Green Shift Won’t Repeat Job Destruction of Deindustrialization, Report Finds

June 24, 2022
36
/PxFul

Canadian Farmers Offer Ottawa a Roadmap to Cut Agriculture Emissions

June 24, 2022
92
Pavlofox/Pixabay

Millions Face Famine as Climate Disasters, Ukraine War Slash Food Supplies

June 24, 2022
48
Next Post
Doug Ford Ontario government

Ford Mistakenly Calls Massive Storm a ‘Once in a Lifetime’ Event as Death Toll Hit 11

The Energy Mix

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Navigate Site

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Follow Us

No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}