When Will Exxon Be Worthless? Not If.

November 13, 2019 / By mobanmarket

These are dizzying days.  Our best advice is to stay woke, and pay attention.  As we prepare for a day that will revolve around Trump’s Rose Garden speech to Make America Guzzle&Gush Again, it is worth taking a moment to focus on the amazing events in the background over the last few days:

• Kinder Morgan’s Transmountain tar sands pipeline got politically flattened when the province of British Columbia elected the social democrats and the greens on their promise to kill the project;
• China and Europe lept out of the gate announcing major new joint cooperation to take climate ambition to a new level in response to reports that denier-in-chief Trump is pulling out of the Paris agreement. A veritable “we won’t hesitate to leave you behind” was the message resonating around the world shortly after the news dropped;
• The cautious, conservative, Financial Times trumpeted the “unstoppability” of renewables and the end of fossil fuels; and
• ExxonMobil shareholders – lead by mainstream investment firms – voted decisively to demand the company disclose the risks of its massive fossil fuel reserves to the climate.

And this is just a sampling of what is becoming a very clear picture of a world that is changing faster than most can keep up with.

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Vote by Exxon shareholders “is a striking example that the mainstream financial world is getting closer to a meaningful understanding of the end of oil.”

Let’s take a closer look at the ExxonMobil vote. To be clear, Exxon still hates your children, but now their shareholders are demanding that they stop lying about it. Investors voted with an astounding 62.3% majority to require the fossil fuel giant disclose the impacts their massive oil reserves will have on the climate.

Just as groundbreaking is that the measure was reportedly supported by some of the world’s biggest financial firms: BlackRock, Vanguard, and State Street. When firms like these start to come around, you can be pretty sure the tide is turning.