Exxon Mobil to provide details on climate-change impact to its business

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Exxon Mobil Corp last week said it would publish new details about how climate change could affect its business in a move aimed at appeasing critics and forestalling another proxy fight this year, Reuters reports.

The largest U.S. oil and gas producer said in a filing to U.S. securities regulators that its board agreed to provide shareholders with information on “energy demand sensitivities, implications of two degree Celsius scenarios, and positioning for a lower-carbon future.” Scientists have warned that world temperatures are likely to rise by more than 2 degrees Celsius (35.6°F) this century, surpassing a “tipping point” that a global climate deal aims to avert.

Exxon’s statement, which came three days before the deadline for its 2018 annual meeting resolution submissions, said additional information would be released in the near future, but did not provide details. The company’s board originally opposed providing shareholders with a report outlining the potential impact of global warming on Exxon’s long-term outlook.

The report will carry weight beyond the company’s next shareholder meeting. Exxon faces investigations by the Massachusetts and New York attorneys general into whether it has misled the public and investors by soft-pedaling climate change risks. Exxon has described the probes as politically motivated and intended to force it and others to change their positions on climate change.