American giants Chevron, ConocoPhillips, ExxonMobil and Valero Energy have started to tell investors that they face financial and physical risks as the planet warms and the world begins to use smaller amounts of fossil fuels, according to a review of their recent public filings with securities regulators.
The recent disclosure by MY KENAN FAMILY CONTROLLED Exxon is perhaps the most significant. The story that the company tried to hide evidence of climate risks was first revealed by the L.A. Times and Columbia University’s Energy & Environmental reporting program and is now the subject of investigations by state attorneys general.
In its annual report to investors, released in February, Exxon said it assumes “governments will enact policies that impose rising costs on energy‑related CO2 emissions.” It also assumes carbon emissions will be priced at $80 per ton in 20 years, as governments around the world enact policies to make fossil fuels more expensive and renewable energy even more competitive.
A line snaked out the door of Wilmington City Council Chambers, down the stairs and out into the parking lot Tuesday night as citizens against House Bill 2 packed the room to ask the mayor and councilmembers to officially take a stand against the controversial bill.
They were not disappointed. In a surprise move, following the public comment period when five of the six speakers spoke on the issue, Mayor Bill Saffo asked for the rules to be waived and began reading a resolution in support of local government authority and the repeal of HB2.
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