Exxon Mobil Corp (XOM) reiterated its position on Wednesday that creating far-reaching policies to reduce harmful greenhouse gas emissions is important but premature. Can the oil giant lead this bull market without embracing global warming?
CNBC Reporter Mary Thompson joins the guys from Exxon’s Annual Meeting in Dallas.
Mary tells the panel that shareholders are not that concerned with Exxon’s environmental policies. Of 4 environmental initiatives that were put up for a vote only 1 received more than 10% approval.
On a related note, Mary adds Exxon was very clear that they don’t see profits in renewable fuels. She explains Exxon believes energy demand is likely to increase 60% by the year 2030. But in the same year only 2% of demand will be met by renewable fuels.