Time for Investors to Meet the Moment and Vote for Additional Change at ExxonMobil

Statement of Fred Krupp, President, Environmental Defense Fund

May 19, 2021
Cristina Mestre, (212) 616-1268, cmestre@edf.org

“Climate change presents profound business risks and opportunities for all companies, especially those operating in the most carbon intensive sectors. Industry leaders – including energy producers and vehicle manufacturers – are adopting plans to address and capitalize on a rapid transition to net zero emissions across the global economy.

“In the face of compelling scientific data highlighting the urgency of the energy transition, ExxonMobil has nonetheless increased spending on traditional oil and gas production and underinvested in decarbonization strategies. We believe this strategy is outdated and inextricably linked to its inferior financial performance. Today, we are seeing massive shifts in clean technologies, government regulations and consumer preferences. These changes demand a stronger strategic response, to support the shareholder goals of long-term value creation and prudent risk management, as well as internationally shared climate objectives.

“Environmental Defense Fund is a leading environmental group with a long track record of constructive engagement with corporate leaders and investors. We advance solutions that deliver measurable environmental and economic benefits at scale and believe that the private sector can be a powerful force for progress. With a grounding in science and economics, we partner with companies whenever we can and hold them accountable when we must.

“ExxonMobil needs to align its business plans, capital allocation, and public policy advocacy to address climate risk and create long term shareholder value. We believe that strong oversight from new Board members with deep industry and change management expertise can help catalyze a much-needed transition at scale. That’s why Environmental Defense Fund encourages shareholders to meet the moment by voting for additional change on ExxonMobil’s Board of Directors.”

Fred Krupp, president of Environmental Defense Fund

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One of the world’s leading international nonprofit organizations, Environmental Defense Fund (edf.org) creates transformational solutions to the most serious environmental problems. To do so, EDF links science, economics, law, and innovative private-sector partnerships. With more than 2.5 million members and offices in the United States, China, Mexico, Indonesia and the European Union, EDF’s scientists, economists, attorneys and policy experts are working in 28 countries to turn our solutions into action. Connect with us on Twitter @EnvDefenseFund