Exxon to World – You will never fix climate change

http://corporate.exxonmobil.com/en/environment/climate-change/managing-climate-change-risks/carbon-asset-risk

Exxon had to prepare this report due to pressures from activist shareholders. Their claim was that Exxon was overvaluing its reserves because greenhouse gas restrictions would make it impossible to produce them all. Thus the company’s stock was overvalued.

Exxon’s response is pretty interesting – it says they will be able to produce all the reserves because the world political system will not be able to agree on a control system that will effect production during the period necessary to produce the reserves. Exxon is not denying climate change, and says that the company should be working on adapting to the impacts of climate change such as extreme weather and sea level rise.

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