Wednesday, 02 June 2021 12:53

‘Mean greens’ flex their muscles, and a fossil-fuel giant taps out

NYT: Shareholder revolt forces troubled Exxon to focus on a fossil-free future

Exxon stock tanked (it was even kicked off the Dow Jones Industrial Average) in recent years, largely because of the oil giant's dismissive stance toward climate change and renewables. This led shareholders to conclude the oil giant wasn't playing the long game by investing in carbon-free fuel technologies.

Both a renegade hedge fund and huge investor groups recently forced a change by electing half a slate to the board of directors who are calling for increased energy-source diversification. Some of the largest pension-investment groups in the country drove the change because Exxon's coddling of climate denialists was definitely and demonstrably bad for business.