Follow This’ response in the Financial Times to Exxon Mobil’s $60 billion deal in fossil fuels rather than renewables.
Exxonmobil’s $60-billion deal to acquire Pioneer Natural Resources will immediately double Exxon’s Permian production. By 2050, the company anticipates oil and gas will still make up more than half of global energy demand based on rapid growth of the global middle class and a slower transition to greener forms of energy.
Mark van Baal of Follow This, a Dutch shareholder activist group:
‘This is really Exxon telling the world: we don’t think the Paris climate agreement will ever be achieved. We’ll buy more assets and we’re going to fight tooth and nail to prevent the Paris climate agreement’s achievement.’
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By Jamie Smyth, Amanda Chu and Myles McCormick.
