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Landmark Agreement: ExxonMobil will Disclose Climate Risk
ExxonMobil...has agreed...to publish a Carbon Asset Risk report describing how it assesses the risk of stranded assets from climate change. The agreement comes in response to a shareholder resolution filed by As You Sow and Arjuna Capital, which has been withdrawn...As You Sow has filed similar resolutions with Chevron, Anadarko, Hess, and CONSOL Energy...Exxon's report will address:
- How Exxon assesses the risk of a low carbon scenario, other than placing a price on carbon.
- Why the Company, in assessing the economic viability of proved...reserves, fails to conduce a scenario analysis based on...reducing GHG emissions 80% by 2050...
- How Exxon's base case scenario tracks with the IPCC...
- How the Company incorporates a low carbon assessment into capital allocation plans...
- Why the Company believes current investments in new reserves are not particularly exposed to the risk of stranded assets.