Attempts to slow "climate change" could be costly for energy companies

Source: MGN Online

DALLAS (AP) - Exxon says it will give more details about how climate change could affect its business.

The oil giant said in a brief regulatory filing Monday that in the near future - it didn't give a date - it will disclose potential changes in demand and implications of policies designed to limit global warming to two degrees Celsius. Policies to cap emissions of heat-trapping carbon dioxide could reduce demand for oil.

At Texas-based Exxon Mobil Corp.'s annual meeting in May, the company opposed a similar resolution by a New York state retirement fund. The measure was backed by holders of 62 percent of Exxon shares. The company says it reconsidered and sought comments from proponents and major shareholders.

Exxon shares rose 21 cents to $83.24 in trading Tuesday morning.

The oil giant said in a brief regulatory filing Monday that in the near future - it didn't give a date - it will disclose potential changes in demand and implications of policies designed to limit global warming to two degrees Celsius. Policies to cap emissions of heat-trapping carbon dioxide could reduce demand for oil.

At Texas-based Exxon Mobil Corp.'s annual meeting in May, the company opposed a similar resolution by a New York state retirement fund. The measure was backed by holders of 62 percent of Exxon shares. The company says it reconsidered and sought comments from proponents and major shareholders.

Exxon shares rose 21 cents to $83.24 in trading Tuesday morning.



 
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