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Naming and shaming-I: Big oil turns defensive in war with climate change lobby
Jul 18: In its relentless war against oil companies, the new strategy of the climate change lobby seems to be "name and shame" Big oil companies for carrying what are being called climate incompatible assets.
8But the point to note is that the lobby is increasingly well funded and they are utilizing sophisticated tools to put oil companies on the defensive.
8Increasingly, shareholders are supporting the move for transparent reporting by oil companies as well.
8The May 2017 shareholder resolution at ExxonMobil calling for management to produce a report detailing the implications of a 2D scenario for the company received 62% support, is an example.
8The lobby has now identified how much of the capex of the biggest companies in the world is outside o2-degreeee compatibility.
8Going down to specifics, it has begun identifying discovered oil fields which are not compatible with this target.
8Surprisingly, it is noticed that as much as 40-50% of the capex budget of oil companies such as Exxon Mobil are out of sync with the 2D reality.
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