Quantcast
Environmental News for a Healthier Planet and Life

Exxon in Hot Seat as SEC Investigates Oil Giant Over Accounting for Climate Change

Climate

The U.S. Securities and Exchange Commission (SEC) is investigating how ExxonMobil valued its assets during the continuing slump in oil prices and how the company factors in climate risk when pricing its projects.

Minale Tattersfield / Flickr

The SEC requested information and documents from Exxon and the company's auditor, PricewaterhouseCoopers, in August, as well as documents from New York Attorney General Eric Schneiderman's similar investigation of the company. Exxon has been under increasing government scrutiny since multiple reports revealed the oil giant may have misled the public about the dangers of climate change.

"This is a remarkably important development—the federal government is joining the courageous state attorneys general, and they're all following the trail of clues that began with powerful investigative journalism," Bill McKibben, 350.org co-founder, said. "Before they're done we'll understand considerably more about how the world overheated—but in the meantime, every institution that invests in Exxon should take real note of who you're keeping company with."

"This investigation is a welcome opportunity for transparency from the fossil fuel industry," Greenpeace Executive Director Annie Leonard said. "We know Exxon has published projections showing that demand for oil and natural gas will continue growing for decades to come—projections which are flatly incompatible with limiting global warming to 2 degrees Celsius, as called for by the Paris climate accords. What we don't know is how Exxon's balance sheet would change if the world meets the climate challenge."

For a deeper dive:

News: Wall Street Journal, CNBC, ThinkProgress, USA Today, Reuters, Bloomberg, New York Times, CNN Money, Financial Times, Houston Chronicle, Huffington Post, Politico Pro, Grist, Wired

For more climate change and clean energy news, you can follow Climate Nexus on Twitter and Facebook, and sign up for daily Hot News.

EcoWatch Daily Newsletter

polaristest / Flickr / CC BY-NC-ND 2.0

By Melissa Kravitz Hoeffner

Over six gallons of water are required to produce one gallon of wine. "Irrigation, sprays, and frost protection all [used in winemaking] require a lot of water," explained winemaker and sommelier Keith Wallace, who's also a professor and the founder of the Wine School of Philadelphia, the largest independent wine school in the U.S. And water waste is just the start of the climate-ruining inefficiencies commonplace in the wine industry. Sustainably speaking, climate change could be problematic for your favorite glass of wine.

Read More Show Less
Pixabay

By Rachael Link, MS, RD

Spinach is a true nutritional powerhouse, as it's rich in vitamins, minerals, and antioxidants.

Read More Show Less
Sponsored
Pexels

By Jeff Turrentine

From day to day, our public health infrastructure — the people and systems we've put in place to keep populations, as opposed to individuals, healthy — largely goes unnoticed. That's because when it's working well, its success takes the form of utter normalcy.

Read More Show Less
Spring Break vs. COVID19: The Real Impact of Ignoring Social Distancing

By Eoin Higgins

A viral video showing cell phone data collected by location accuracy company X-Mode from spring break partiers potentially spreading the coronavirus around the U.S. has brought up questions of digital privacy even as it shows convincingly the importance of staying home to defeat the disease.

Read More Show Less
Aerial shot top view Garbage trucks unload garbage to a recycle in the vicinity of the city of Bangkok, Thailand. bugto / Moment / Getty Images

German researchers have identified a strain of bacterium that not only breaks down toxic plastic, but also uses it as food to fuel the process, according to The Guardian.

Read More Show Less