Exxon sees little climate change risk to assets

[Reuters] – Exxon Mobil Corp, the world’s largest publicly traded oil company, said on Monday that risks related to climate change pose little risk to its oil and gas reserves because the resources will be needed to meet expected growth in energy demand. Responding to queries from shareholder activists, the company also said it is “confident” that none of its oil and gas reserves will lose value or become “stranded” if governments act to slash carbon emissions. “We believe producing these assets is essential to meeting growing energy demand worldwide, and in preventing consumers – especially those in the least developed and most vulnerable economies – from themselves becoming stranded in the global pursuit of higher living standards and greater economic opportunity,” Exxon said in a report released in response to call from activist shareholders.
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