ExxonMobil GHG Reduction Goals 2012
|Company||Exxon Mobil Corporation|
|Filer||Sisters of St. Dominic (Caldwell, NJ)|
|Sector||Oil and Gas|
|Subject(s)||Air Pollution; Climate Change; Greenhouse Gas Emissions|
|Resolved Clause Summary||Greenhouse gas emissions reduction goals|
|Supporting Memo||Download PDF|
2010 was a record year for greenhouse gas (GHG) emissions with a 5.9 percent increase over the 2009 global estimate. The increase is larger than the worst-case scenario expected by United Nations scientists when the 2008 Intergovernmental Panel on Climate Change report was issued.
It is widely agreed that research has understated the enormity of the impact of GHG emissions. Investors expect ExxonMobil to take leadership in developing solutions to this global challenge as the company plays such a critical role in energy markets.
ExxonMobil discloses its GHG emissions to the Carbon Disclosure Project (CDP) as do well over 3,000 corporations. The CDP “Carbon Action Initiative,” backed by investors managing US $7.6 trillion in assets under management, asks the world’s largest companies to make emissions reductions, implement investments in GHG reductions, and publicly disclose emissions reductions targets through the established CDP annual survey.
Our company though had a net increase of 3 percent in GHG emissions from operations in 2010 over 2009.
ExxonMobil’s December 2011 Energy Outlook suggests our company will make significant investments in deepwater, shale oil and fracking plays, all of which contribute significant GHGs emissions. None of its major strategies to date are low carbon. Even though substantial U.S. and international policy is stalled, businesses and countries are taking significant steps to reduce emissions, as costs to taxpayers, shareholders and economies from severe weather events mount. One can presume that restrictions on high carbon energy will eventually be enacted. Economists are now concerned about a “carbon bubble” as current investments will produce reserves that will be stranded by such policy restrictions.
It is long overdue for ExxonMobil to articulate a clear and cohesive business strategy for wide scale emissions reductions. Shareholders’ request for GHG reduction goals during the last six years are consistent with ExxonMobil’s own Environmental Business Planning process, which is used “to identify key environmental drivers, set targets in key focus areas, and identify projects and actions to achieve these targets.” Clear-cut goals will focus management on our company’s ability to significantly reduce our carbon footprint by implementing a disciplined business strategy to cut emissions from our operations and products.
RESOLVED: Shareholders request that the Board of Directors adopt quantitative goals, based on current technologies, for reducing total greenhouse gas emissions from the Company's products and operations; and that the Company report to shareholders by November 30, 2012, on its plans to achieve these goals. Such a report will omit proprietary information and be prepared at reasonable cost.