Exxon CEO pushes back against ESG (2024)
| Environmental, social, and corporate governance |
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Exxon CEO Darren Woods is arguing that fossil fuels will be needed for many years in the future and that the world’s emissions will not be net zero by 2050. Woods’ comments have received mostly positive feedback, according to Bloomberg:
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Already this year, Woods filed an arbitration case against Chevron Corp. for attempting to buy into Exxon’s massive offshore oil project in Guyana and a lawsuit against investors demanding that his company cut emissions. Just months earlier, he agreed to a $60 billion takeover that would make Exxon the biggest US shale producer. Woods is also becoming much more strident about climate goals in speeches and interviews, arguing that fossil fuels will still be needed for years to come to meet energy demand and the world is not on a path to net-zero carbon emissions by 2050 because people are unwilling to pay for cleaner alternatives. The message may be controversial, but it’s resonating on Wall Street, where 'ESG' is fast becoming a loathed moniker as ambitious environmental, social and governance pledges are rubbing against the need for secure and affordable energy. Exxon is up 89%, more than four times that of the S&P 500, since losing a climate-fueled proxy battle with Engine No. 1. in 2021.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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