ExxonMobil’s Neglected Shareholders(The 'ignorance' of those claiming climate alarmism is backed by 'science)

realclearenergy.org ^ | 6/7/2021 | Bruce Everett

[rktman]

Larry Fink, Blackrock’s billionaire CEO who oversees $8.7 trillion in investors’ assets, demands that all companies focus on “the transition to a net zero economy – one that emits no more carbon dioxide than it removes from the atmosphere by 2050, the scientifically-established threshold necessary to keep global warming well below 2ºC.” As members of the Climate Action 100+ group, Vanguard and State Street echo these sentiments.

Anyone who claims that climate alarmism is “scientifically established” is demonstrating ignorance. The climate narrative is based on the unscientific assertion that small amounts of carbon dioxide (CO2) have fundamentally altered the global climate, requiring the rapid elimination of fossil fuels. In fact, CO2 is a benign, life-giving gas, which enhances the growth and drought-resistance of plants and increases global crop yields. Though CO2 emissions are probably generating a slight, beneficial warming, the doomsday scenarios Fink so glibly supports have become a political narrative, lacking a credible scientific basis.

ExxonMobil lost $20 billion in 2020. The problem, however, was not its failure to embrace green energy but the Covid-driven decline in oil and gas prices. Oil prices have already recovered to pre-pandemic levels, and ExxonMobil returned to profitability in the first quarter and has enjoyed a 40% increase in its share price so far this year.

[rktman]

Seems like the "Blackrock" folks are delving into all sorts of 'investments'. In any case, some may have seen the exxon ads talking CO2 reduction and sustainabliity. Seems to me the only way they can get to their net zero carbon is for X-on Mobil to cease all operations. At least that would be a first step right? Grrrrrrrr!

[KC Burke]

Exxon Mobile has been a good dividend stock for 60 years and will probably figure out how to remain so.

They have a lot of investment and market in non-hydrocarbon tech.

[rhinohunter]

As members of the Climate Action 100+ group, Vanguard and State Street echo these sentiments.

John C Bogle is surely spinning in his grave...

[Gay State Conservative]

Anyone who's been to China recently (as I have) knows that the air there looking like the foggiest day ever seen in London means that it's China that needs to change,not us.

[taildragger]

" John C Bogle is surely spinning in his grave... "

Yes he is. Did you see the Thread yesterday on how Black Rock & Vanguard are buying single family homes and are one of the drivers of this insane market?

* Why? (Oh I have a few ideas, maybe as a message)
* This Obama 3rd term IMHO back in his last 2, he couldn't stand Dividends and un-earned income including Utilities with that hair across his @$$ he had for coal.
* So what is going on with this ESG mindset?
* Are they actively trying to kill Dividend generators to stick it to "us" (many conservatives) who own these stocks, you know, class and other "5 days away from fundemental transformation" asset destruction warfare, just like "Cash for Clunkers"?

Something is afoot and we are missing it...

[Socon-Econ]

Energy is necessary for this country’s independence and survival. Needed: legislation to keep these big corporations from self-destructing America by self-destructing themselves. Ignore libertarian objections.

[markman46]

All that smog is blown west to east and ends up on the west coast. China gets a pas. Mr. Fink of Blackrock needs to be tired and feathered.

[Sequoyah101]

I’m too frustrated to even comment.

[rktman]

It is very frustrating. Without VERY deep pockets it will be pretty hard to counter their country killing ideas and goals.

[alloysteel]

Hydrocarbon tech is going to be with the world for a long time yet, as a fuel and a feedstock for a wide variety of manufacture of plastics, food, lubricants, and medicines.

The building block that makes hydrocarbons even possible is - carbon dioxide. A most unique compound, it does not combust, and exists as a gas under the normal range of temperatures and pressures that exist in the earth’s biosphere. Both heavier than most components of earth’s atmosphere, it does not rise high enough to sustain tree growth above the “tree line” of high mountain ranges, and since it dissolves readily in water, much of the carbon dioxide is locked up either in surface water, as carbonic acid, or has reacted with certain metallic ions to form a sedimentary rock known as limestone. In fact, little vegetation exists in very high elevations, not simply because it is covered by snow, but because that most necessary of ingredients to allow photosynthesis is virtually absent and does not circulate in any significant quantities, but at relatively shallow depths of water, there is abundant plant life because of this same carbonic acid.

[libertylover]

Remember that when people claim that climate change is backed by science, these are the same people who tell us there are 48 different sexes.

[teevolt]

Once the cakes and circus’ are no longer affordable, guys like Fink will be held to account. I’m sure he’s too arrogant to see it coming.

[KC Burke]

Thanks for the good summation.

[wita]

The building block that makes hydrocarbons even possible is - carbon dioxide.

God said, let there be Cee Oh Two in abundance.

idiots disagree, saying it’s a planet killer. What to do?

Maybe time to build a carbon free biosphere, and put the idiots inside for the experience of a lifetime.

Is that build even possible?