Here are highlights from a December, 2020 CNN Business article:
“For the first time in modern history, Exxon (XOM) faces a credible challenge from frustrated investors seeking to overthrow its board of directors. That effort, led by a new activist investor firm called Engine No. 1, calls for Exxon to rein in its massive spending ambitions, revamp executive pay and explore a push into clean energy.
Once the world’s most valuable public company, Exxon’s market valuation has crumbled by a staggering $266 billion since mid-2014. Exxon is losing money for the first time in decades and got kicked out of the Dow Jones Industrial Average after 92 years in that exclusive index“
Blog comment: For 20+_ years, fossil fuel businesses and champions have argued that there is too much invested in their companies and too many jobs for anyone to consider a rapid conversion to renewable energy. They advocate another 30 years of transition. On this website, “The Great Sustainability Compromise” describes how environmental champions and all Americans can provide financial assistance to fossil-fuel companies. This can transform all fossil-fuel employees into environmental champions, and could help accomplish the transition in less than 12 years. A rapid transition is needed to prevent global temperatures from rising to dangerous and deadly levels over the next 20-30 years.