Case - exxonmobil and climate change

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Reference no: EM133677279

ExxonMobil and Climate Change

In 2015, the New York Attorney General sought documents to determine whether ExxonMobil had lied to investors and consumers and kept secret information about the effects of climate change on its financial health. The pressure intensified when the Center for International Environmental Law released decades-old documents that revealed that the firm had investigated and understood the link between burning fossil fuels and climate change many years ago but tried to keep this information from the public. Attorneys general from other states demanded that the company release information about its research and its funding of climate change denial.

ExxonMobil vigorously fought these actions, calling the accusations against it inaccurate and misleading. Yet the news disturbed family members of the company's founder, John D. Rockefeller. They controlled the Rockefeller Family Fund (RFF), which was a major shareholder in the company. They were concerned that the company had concealed its prior knowledge of climate change and failed to act on it. They accused the company of not disclosing the research it had done on the impacts and distorting the evidence.

ExxonMobil forcefully denied these charges. However, family members turned against the firm and chose to divest their holdings in the company in a public gesture that received substantial media exposure. In a public statement, members of the Rockefeller family wrote,

Earlier this year our organization, [RFF] announced that it would divest its holdings in fossil fuel companies . . . In a public statement we singled out ExxonMobil for immediate divestment because of its "morally reprehensible conduct." For over a quarter-century the company tried to deceive policymakers and the public about the realities of climate change, protecting its profits at the cost of immense damage to life on this planet . . . Often working indirectly through front groups, it sponsored many of the scientists and think tanks that have sought to obfuscate the scientific consensus about the changing climate, and it participated in those efforts through its paid advertisements and the statements of its executives.

Reference no: EM133677279

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