Exxon and Climate Change: Why it’s Better to Engage Than Divest

The engagement campaign by investors at Exxon and other big oil companies has had a significant impact on the climate debate over the last few months. In March Exxon attempted to block a climate resolution by appealing to the US Securities and Exchange Commission, only for the SEC to force Exxon to hold the vote. The oil giant was warned about its conduct in no uncertain terms: ‘It does not appear that Exxon Mobil’s public disclosures compare favourably with the guidelines of the proposal’. That’s one side of the coin. From a very different viewpoint some divestment campaigners, including 350 founder Bill McKibben, have criticised the slow pace of progress from engagement