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Article

24 Mar 2014

Author:
Natasha Lamb, director of equity research & shareholder engagement of Arjuna Capital, & Danielle Fugere, president & chief counsel of As You Sow, in Guardian Sustainable Business

Exxon Mobil's commitment to carbon asset risk is just the beginning

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There is a big shift afoot in energy markets and it is not just funds flowing out of fossil fuel stocks courtesy of Bill McKibben and his climate movement 350.org. While many investors across the globe say no to Big Oil through divestment, others are looking to change the energy giants from the inside...In a turnabout from Exxon's long-standing reputation as a climate sceptic, Exxon is the first energy company to respond to investor concerns and, in exchange for withdrawal of the proposal, commit to publish a report on how it assesses carbon asset risk. Exxon's commitment did not come overnight and is the result of months of dialogue and legal process...We hope Exxon's report will serve as a template for the industry so investors can make assessments with consistent data that can be compared from company to company...Investors are the canary in the coalmine and will move their money to avoid material risk.