For the second time in a year, the descendants of John D. Rockefeller, the founder of Standard Oil (the company that became Exxon Mobil Corp.) have backed a resolution demanding the company loosen fossil fuel's hold as its main source of revenue, as well as move more ambitiously into renewable energy technologies. According to published reports, the resolution, which will be presented at Exxon Mobil's annual meeting in May, will require the company to "investigate the potential impact of climate change and compare the outcome in which Exxon Mobil becomes a leader in renewable energy." Last year the family presented a similar resolution and it received 10.4 percent shareholder backing. According to Neva Goodwin, a great granddaughter of John D. Rockefeller, Exxon Mobil is simply not doing enough to move into renewables, and its investment plans are overly-dependant on increased oil demand from developing countries.
Exxon Mobil has responded by stating that it is spending investment dollars on researching increased energy efficiency through renewables and reducing greenhouse gas emissions.
It's an interesting reaction. Instead of presenting specifics, the company seems to be offering affable generalities, and then changing the subject.
Instead of deflecting the Rockefellers, Exxon Mobil should listen to what they are saying, if not from an environmental point of view, then from a simple business perspective. There may be such a thing as a genetic predisposition to capitalism ; in the 1870s, coal and wood were the main sources of energy in this country, not oil. John D. Rockefeller, however, had a vision about oil's potential, and by the late 1940s, it had surpassed coal as the nation's main energy supply.
If history can be used as a gauge, Exxon Mobil might be wise to take some business advice for the future from the family that got them started.
Jonathan A. Schein is the publisher of MetroGreenBusiness.com and GreenBuildingsJobs.com
Keep on them and keep making them respond! The more light you shine on them, the better.
The best thing ExxonMobil can do is go to purely green technology and fuel, which I'm sure they have the capability of doing. It's interesting that now that their boy Bush has left the White House, they feel the need to go public with these new innovations.
I assume you’re basing that on the limited comments reported by the Wall Street Journal in a story last week. http://online.wsj.com/article/SB123499861095517105.html
We gave them specifics and we can provide them for you too. Have a look on our website at this link: http://www.exxonmobil.com/Corporate/energy_climate.aspx
To summarize, we’re reducing greenhouse gas emissions in our operations – by 5 million tons last year -- helping consumers reduce their emissions through innovative new products, and supporting research into technology breakthroughs, through efforts such as the $100 million we committed to Stanford University’s Global Climate and Energy Project http://gcep.stanford.edu/
Rex Tillerson, our CEO, spoke at Stanford last week and outlined initiatives we’re working on, such as an evaluation of next-generation biofuels. That includes the production of liquid fuels from algae and biomass conversion. Here’s a link to his speech.
http://exxonmobil.com/Corporate/news_speeches_20090217_rwt.aspx
Over the past five years, we’ve invested more than $1.5 billion in activities that reduce greenhouse gas emissions and improve energy efficiency, and we will be spending at least $500 million more over the next few years.
Alan Jeffers, ExxonMobil Blogger