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[GreenYes] Getting ExxonMobil's Attention on Climate Change

Getting ExxonMobil's Attention on Climate Change

Shareholders concerned about climate change made a strong showing at the ExxonMobil annual meeting with nearly a third voting in favor of a resolution offered by a group of nuns from New Jersey. The measure would have required the company to reduce greenhouse gas emissions from both its products and operations and report back to shareholders about the progress.

I was impressed to see some big institutional investors like California's retirement system, CalPERS and even Stanford University voting against Exxon's myopic management in favor of the nuns' proposal.

What's the next step? As I outlined on OilWatchdog it's time for the D word - divestiture. All those investors -- and any of you folks who own ExxonMobil stock -- should sell those shares.

Some people think divestiture should be reserved for bad corporate performance. I agree. What could be more of a performance issue than a management refusing to face environmental reality while competitors are publicly taking action? Everybody remember General Motors?

Fellow OilWatchdog blogger Judy Dugan reveals a chart that makes clear once and for all why the industry isn't competitive, and outlines Chevron's biodiesel greenwash.

You should also check out her "great debate" with an oil industry defender in the Los Angeles Times' online Opinion section Dust-Up feature.


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