ExxonMobil shareholders reject resolutions on climate, fracking

Shareholders of Exxon Mobil Corp. overwhelmingly rejected resolutions Wednesday on the company’s climate change impact and the effects of hydraulic fracturing.

The resolutions by activist shareholders would have set company goals for greenhouse gas reduction, appointed a climate expert to the board and mandated a report on the impact of Exxon’s fracking activities, the Associated Press reported.

{mosads}Michael Crosby, who sponsored the resolution for a climate expert on behalf of a group of Milwaukee Catholic priests, said the oil and natural gas giant needs to better embrace renewable energy and to fight climate change.

“This company has to be making plans for the future,” he said, according to AP. “Let’s get an expert on the board to deal with a critical question.”

Only 21 percent of shareholders voted for the expert appointment.

The greenhouse gas goals got 9.6 percent, and the fracking report got 24.9 percent, AP said.

Rex Tillerson, Exxon’s chief, said the models on climate change are not definitive, and that it would be very costly to reduce greenhouse gases.

“Mankind has this enormous capacity to deal with adversity,” Tillerson said. “I know that is an unsatisfactory answer to a lot of people.”

Asked specifically why Exxon would not increase its investments in renewable energy, Tillerson said, “we choose not to lose money on purpose,” eliciting applause from the shareholders.