Top investors blow Exxon’s emissions goals as insignificant
By Shikema Dey
Kaieteur News – The recent ExxonMobil Investor Day conference gave a detailed outline of the company’s plans through 2025 to increase earnings and cash flow, reduce debt, and fund privileged projects. The oil giant also unveiled its strategy to commercialize lower-emission technologies in support of the Paris Agreement.
However, such statements did little to dispel the concerns of its investors. 
One of ExxonMobil’s largest shareholders, Engine Number One, a new investment company seeking to improve long-term value through active ownership, believes the oil giant’s plan is one that risks long-term value destruction and has no serious diversification efforts .
He said that while there are “no easy answers” on where the future of the energy industry is going, what should not be discussed is that seizing the opportunities and managing the risks created by rapid technological, policy and market changes. the Board of the company will require a successful and varied energy experience.
It should be noted that Engine One has already positioned itself to transform ExxonMobil into a more environmentally conscious oil company with the nomination of four highly qualified, independent director candidates to the Corporation Board. Kaieteur News had reported that this challenge had stemmed from dissatisfaction with ExxonMobil’s emissions output and its deteriorating financial health.
To further strengthen its plan, Engine One announced the release of a white paper, which provides a detailed analysis of the risks and opportunities facing ExxonMobil in a rapidly changing industry.
The analysis, carried out by leading energy market and policy expert David Victor, details an evolving energy industry that requires a significant long-term business model and innovation to enhance and protect shareholder value.
The analysis, Engine One believes, underlines the need for new Board members with transformative experience in the energy industry to help ExxonMobil better position itself for the future.
Another big ExxonMobil investor; CURE (The United Coalition for Exxon Responsible) – with over 140 members and $ 2.5 trillion in assets – also detailed its recent dissatisfaction with the company’s future outlook.
CURE said ExxonMobil has “clearly failed” over the last decade to secure long-term shareholder value against the wider market and among its peers.
And while it noted that ExxonMobil appeared to be stepping in the right direction, CURE noted that the company needed to commit to a deeper, longer-term change of its capital allocation strategies that would allow it to be consistent with the 2050 net zero. a greenhouse target that must include renewable energy, clean hydrogen and carbon capture.
ExxonMobil, according to CURE, also needs to address its corporate governance issues including aligning its corporate and trade association lobbying with the aims of the Paris Agreement, and adopting a uniform accounting system to meet the basic tests of transparency .