It’s all over but the chanting, which seemingly will continue unabated until religious shareholder activists bring energy companies to heel. What the Interfaith Center on Corporate Responsibility hyperbolically billed as “a watershed year” trickled into a puddle of disappointment yesterday for shareholder activists’ climate-change resolutions.
The chanting began outside Dallas’ Morton E. Meyerson Symphony Center and the Chevron Park Auditorium in San Ramon, Calif., prior to the annual shareholder meetings conducted, respectively, by ExxonMobil Corp. and Chevron Corporation. Real chanting, dear readers, which admittedly isn’t equal to Abbie Hoffman attempting to levitate the Pentagon, but it does indicate a certain religious zealotry applied to the contested scientific theory of manmade global warming:
2016 is a watershed year for the fossil fuel industry, in particular, oil and gas giants ExxonMobil and Chevron. Pressure is building in the wake of last year’s historic agreement at COP21 in Paris, where nations of the world, global corporations and leading investors achieved consensus on the need to limit global warming to below 2-degrees celcius to avoid catastrophic planetary impacts. Pending investigations by 17 State Attorneys General is also intensifying public pressure for action. The Papal Encyclical, Laudato Si’, continues to grow in significance, and has done much to underline the clear moral imperative to address the 2 degree warming scenario.
Simultaneously, fossil fuel companies face both a moral and business imperative to rethink their long-term business strategies, as these company face impending regulation that will soon force them into compliance. Faith-based and values investors and members of the Interfaith Center on Corporate Responsibility have been pressing for this transition for nearly 40 years. This year, proponents of shareholder proposals at both Exxon and Chevron (both on May 25) will be making their cases at the annual meetings of both companies in the hope that shareholders will broadly join them in pressing the companies to change.
Would that the priests, nuns, clergy and other religious affiliated with ICCR exert similar spiritual and physical energy toward championing what philosopher Alex Epstein calls “the moral case for fossil fuels.” Instead, they increase their carbon footprint immeasurably by traipsing around the globe in their buses and planes in efforts to pull the plug on cheap and plentiful energy while lecturing the rest of us on the evils of hydraulic fracturing (fracking) and energy-company lobbying. At the same time ICCR extols the imperative of limiting global warming to 2-degrees C by deploying measures that will increase costs – especially for the poor for whom higher prices devour a greater percentage of household assets – while making little to no difference on global temperatures. (more…)