“This investigation is a welcome opportunity for transparency from the fossil fuel industry. We know Exxon has published projections showing that demand for oil and natural gas will continue growing for decades to come — projections which are flatly incompatible with limiting global warming to 2 degrees Celsius, as called for by the Paris climate accords. What we don’t know is how Exxon’s balance sheet would change if the world meets the climate challenge.
“Exxon’s current market valuation is partly based on its proven reserves — a giant bank of already discovered oil and gas deposits that it plans to someday exploit and sell. But in a world where we successfully tackle climate change, many of those assets would be left in the ground. Investors have a right to understand how Exxon’s profitability and value are threatened by common sense policies to address climate change, and the SEC seems to agree.
“Right now Exxon is betting everything it has on the failure of the world to solve the climate crisis; the SEC has a chance to expose how weak Exxon’s hand really is.”
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Contact: Perry Wheeler, Greenpeace Media Officer, P: 301-675-8766
