The Rockefeller Family Fund Takes on ExxonMobil
David Kaiser and Lee Wasserman have a very interesting review in the NY Review of Books. It begins:
In the first part of this article, we described recent reporting that ExxonMobil’s leaders knew humans were altering the world’s climate by burning fossil fuels even while the company was helping to fund and propel the movement denying the reality of climate change.1 Ever since the Los Angeles Times and InsideClimate News started publishing articles showing this in late 2015, ExxonMobil has repeatedly accused its critics of “cherry-picking” the evidence, taking its statements out of context, and “giving an incorrect impression about our corporation’s approach to climate change.”2 Meanwhile, New York Attorney General Eric Schneiderman is one of several officials who have been investigating whether the company’s failures to disclose the business risks of climate change to its shareholders constituted consumer or securities fraud.
Since ExxonMobil claims that it has been misrepresented, we encourage it to make public all the documents Schneiderman has demanded, so that independent researchers can consider all the facts. In the meantime we suggest that anyone who remains unconvinced by the record we have collected and published of the company’s internal statements confirming the reality of climate change consider its actions, especially its expenditures. Regardless of its campaign to confuse policymakers and the public, Exxon has always kept a clear eye on scientific reality when making business decisions.
In 1980, for example, Exxon paid $400 million for the rights to the Natuna natural gas field in the South China Sea. But company scientists soon realized that the field contained unusually high concentrations of carbon dioxide, and concluded in 1984 that extracting its gas would make it “the world’s largest point source emitter of CO2 [, which] raises concern for the possible incremental impact of Natuna on the CO2 greenhouse problem.” The company left Natuna undeveloped. Exxon’s John Woodward, who wrote an internal report on the field in 1981, told InsideClimate News, “They were being farsighted. They weren’t sure when CO2 controls would be required and how it would affect the economics of the project.”3
This, of course, was a responsible decision. But it indicates the distance between Exxon’s decades of public deception about climate change and its internal findings. So do investments that Exxon and its Canadian subsidiary Imperial Oil made in the Arctic. . .