Exxon* Exposed: Oil and Gas Companies Continue to Lobby Against Climate Action
Press Release Contact: Kyle W. Kempf, Green Century Capital Management, kkempf@greencentury.com, (617) 482-0800
Boston, October 5, 2020 – It’s more of the same from Exxon and other oil and gas companies. Even as they roll out slick new public marketing campaigns about their various “green” initiatives, behind the scenes they are spending millions of dollars lobbying against measures to combat climate change.
A new report, Lobbying – The Forgotten ESG Risk?, found that with only one exception “Oil & Gas is among the top three sectors with risk incidents related to lobbying over the last several years,” concluding that the industry is “not ‘walking the talk.’”
“Exxon and its counterparts have been funding climate denial for decades, so it’s unsurprising that they continue to delay, undermine, and obstruct efforts to combat the climate crisis – but it’s also unacceptable,” said Green Century° President Leslie Samuelrich. “It is time for anyone concerned about the environment to divest from these bad actors, and thankfully more and more investors are recognizing this imperative.”
In August, Storebrand Asset Management, Norway’s largest asset manager, divested from Exxon and Chevron* due to their continued lobbying efforts to undermine climate action. Storebrand AM’s CEO Jan Erik Saugestad explained, “Climate change is acknowledged as one the greatest risks facing humanity, and lobbying activities which undermine action to solve this crisis are simply unacceptable. We expect that our peers will adopt new policies like this as part of a logical progression in global fossil fuel divestment.”
A 2019 report found that five largest publicly traded oil and gas companies – BP,* Shell,* Exxon, Chevron, and Total* – spend nearly $200 million a year lobbying against climate policies.
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About Green Century Capital Management
°Green Century Capital Management is the investment advisor to the Green Century Funds. The Green Century Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. Green Century Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of June 30, 2020, no securities mentioned were held in the portfolios of any of the Green Century Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
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