ExxonMobil CEO: ending oil production 'not acceptable for humanity'

Source: The Guardian

ExxonMobil CEO: ending oil production 'not acceptable for humanity'

Shareholders win vote that could support board candidates concerned
about climate as Rex Tillerson faces turbulent annual meeting

Rupert Neate in Dallas
Wednesday 25 May 2016 20.25 BST

Rex Tillerson, the boss of oil giant ExxonMobil, said cutting oil production was “not acceptable for humanity” as he fought off shareholders’ and activists’ attempts to force the company to fully acknowledge the impact of climate change on the environment and Exxon’s future profits.

During a long and fractious annual meeting in Dallas on Wednesday, Tillerson, who serves as Exxon’s chairman and chief executive, beat back several proposals to force the company to take more action on climate change.

However, dissident shareholders won a vote that could make it easier for them to propose board candidates concerned about climate change and remove incumbent directors.

Tillerson said Exxon had invested $7bn in green technology, but the science and technology had not yet achieved the breakthroughs needed to compete with fossil fuels. “Until we have those, just saying ‘turn the taps off’ is not acceptable to humanity,” he said. “The world is going to have to continue using fossil fuels, whether they like it or not.”

Tillerson’s presentation at the meeting showed that Exxon believes oil and gas will still provide about 60% of the world’s energy demands by 2040, even if countries adopt climate change proposals agreed in Paris last year.

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Read more: https://www.theguardian.com/business/2016/may/25/exxonmobil-ceo-oil-climate-change-oil-production