Feature story - 30 May, 2002
ExxonMobil shareholders delivered a massive blow to the company today in a vote on the company's renewable energy policies.
Climbers paint 'Stop Esso' on a fuel tank at Esso refinery.
A resolution demanding Exxon (also known as Esso) outline its
future plans for the promotion of renewable energy gained an
unprecedented 20.3 percent of shareholders' votes - $55 billion in
shares - at the company's annual meeting today.
This year's vote marks a substantial increase over last year,
when a similar resolution garnered just 8.9 percent of the vote.
The vote follows advice that the company's failure to respond to
climate change by investing in renewables could damage its
profitability.
"The magnitude of this vote shows that shareholders as well as
customers are concerned about Exxon's attitude toward climate
change," said Greenpeace International climate campaigner Stephanie
Tunmore. "The increased level of support for the resolution among
mainstream investors shows a growing awareness of the dangers of
climate change, but it also reflects concern that Exxon is missing
out on lucrative new energy technology markets and risking major
brand damage from a consumer backlash," she added.
In the last two weeks protests against Exxon's sabotage of
international climate negotiations were held in Australia, Austria,
France, UK, U.S., Luxembourg, Germany and Canada.
"Exxon is taking the heat around the globe for being the prime
force behind President Bush's rejection of the Kyoto treaty to
fight global warming," said Kert Davies, Greenpeace U.S. climate
campaign coordinator. "Exxon should immediately cease its
manipulation of climate science and politics and start implementing
clean energy solutions to climate change, as a significant group of
its investors wants."
Full text of the resolution