As you may have seen, we’ve raised questions about lawsuits filed by municipalities in California against energy companies, including ExxonMobil. And today New York also filed suit. This has prompted some reactions, and I wanted to take this opportunity to provide our perspective.
ExxonMobil welcomes any well-meaning and good faith attempt to address the risks of climate change. Reducing greenhouse gas emissions is a global issue and requires global participation and actions. Lawsuits of this kind — filed by trial attorneys against an industry that provides products we all rely upon to power the economy and enable our domestic life – simply do not do that.
It is important to recall how this began. The lawsuits filed against ExxonMobil and other companies seek billions of dollars from our shareholders – millions of ordinary people, mostly in the U.S., who’ve invested in our company. Of course we must defend ourselves against these types of suits.
I want to use this opportunity to be 100 percent clear about where we stand on climate change. We believe the risk of climate change is real and we are committed to being part of the solution. That is why we have invested $8 billion since 2000 on energy efficiency and emissions reduction.
It’s also why we support the Paris accord, policy options such as a carbon tax, and are working on new game-changing technologies to meet energy needs while managing the risk of climate change. Technologies such as biofuel from algae, carbon capture and storage, and new ways to reduce the amount of energy needed in manufacturing.
We are committed to participating in serious attempts to address climate change and to being part of the solution.