Exxon was told to jump through circus hoops like a performing seal and report the risks of NetZero to Exxon shareholders. But Exxon pushed back by pointing out that NetZero-by-2050 is so impossible it will never happen, and therefore the risks are not even worth assessing. Furthermore, and rather damningly, Exxon said, society would be unlikely to “accept the degradation in the global standard of living required“. Exxon has taken was was supposed to be another PR win for the narrative and turned it into a media weapon.
This is exactly why the Big-Gov-Corporatist cartel wants to co-opt or destroy independent profitable corporations. In this case, companies that don’t need Big-Gov are free to point out the hypocritical inanity and absurdities which the lap-dog dependent industries like wind power and solar cannot.
Sadly, companies like Exxon still need to be brave because Big-Gov is so big, it is always the largest potential client and holds the sword of mendacious legislation, licensing and regulation as well.
By Tyler Durden, ZeroHedge
The US supermajor pushed back against investors pressing the company to report on the risks to its business from restrictions on greenhouse gas emissions and potential environmental disasters when in a reply to proxy advisor Glass Lewis, Exxon said the prospect of the world achieving net-zero carbon dioxide emissions by 2050 is remote and should not be further evaluated in its financial statements.
A shareholder proposal seeking a report on the cost of having to abandon projects faces a shareholder vote on May 31. Glass Lewis backed the initiative, concluding Exxon could face material financial risks from the net-zero scenario.
Exxon disagreed, and said the world is not on a path to achieve net-zero emissions in 2050 as limiting energy production to levels below consumption demand would lead to a spike in energy prices, as observed in Europe following oil sanctions against Russia over Ukraine.
Exxon, is of course, correct however that won’t stop the green fanatics from beating the drum that somehow the world can transition to “green” energy (at a cost of some $150 trillion mind you) in the next 27 years without an energy cataclysm.
Moments like this expose why the Government-Corporate cartel doesn’t choose to support any “low emissions” industry that is financially viable in and of itself. They can’t support clean high temperature coal plants, even though it would be a sensible and cost effective way to reduce CO2. These new plants would have independent voices which might say inconvenient things. Companies that sell useful products don’t need the government like unreliable, uncompetitive wind and solar plants always will.
h/t to Jim Simpson
Photo by Farragutful
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May 22, 2023 at 02:44AM