Big Oil and the Need to Adapt or Perish

EnergyBy Danielle Fugere, President and Chief Counsel and Amelia Timbers, Manager, Energy Program

After years of ignoring climate change science, in October, ExxonMobil CEO Rex Tillerson finally admitted that climate change was both “real” and requires “serious action.” From our groundbreaking resolution calling on Exxon and Chevron to create a new path to cleaner, diversified energy sources by measuring their reserves in energy-neutral units rather than barrels of oil, to our deep-dive report Unconventional Risks: The Growing Uncertainty of Oil Investments, to our pressure on utilities to move away from coal, to our work improving transparency on fracking, in 2016 we turned up the heat in our push for a large-scale, sustainable transition in the energy economy. This transition is inevitable as fossil fuels’ business case deteriorates and the need for a just transition to a clean energy economy grows.