Guest blog: The Greening of ExxonMobil
Vikram Rao, retired CTO concentrating on sustainable energy production and use, finishing his latest book Particulates Matter (originally published by Research Triangle Energy Consortium. This is the story of a minority investor attempting to influence the direction of ExxonMobil to be more climate conscious while being even more profitable. Engine No. 1 (evoking childhood images of the Little Engine that Could) pulled off the improbable. With less than 1% shareholding, they persuaded major players such as BlackRock and the California State Teachers Retirement System (a major pension fund) to go along. Two of their slate of four nominees have been elected and another is possibly on the brink. Management resistance had been acute; much money was spent in opposition. This was seen as a defeat for the Chairman and CEO. This is New York Times front page news. ExxonMobil’s deteriorating earnings performance certainly helped the insurrection. I...