ExxonMobil Plans to Keep an Entire Generation on the Hook for Its Climate Destruction

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Original article by Allie Lindstrom republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

ExxonMobil CEO Darren Woods sits during testimony before the U.S House Committee on Oversight and Reform on October 28, 2021.  (Photo: Screenshot/C-SPAN)

Public pensions must exit Exxon to protect workers’ savings and retirement.

It is no secret that ExxonMobil poses some of the most powerful opposition to climate action at every level of government. Environmentalists have long pointed out that Exxon Knew about climate change, and instead of pivoting their business model to a more sustainable energy future, buried the evidence and began a decades-long disinformation campaign.

Leaders across the country have wisened up to the oil major’s dirty politics, which is why the House Oversight Committee has been investigating Exxon and its peers, and state attorneys general have sued the company for damages. Most recently, California AG Rob Bonta, alongside environmental organizations like the Sierra Club, sued the company for lying to the public about the recyclability of plastics.

If the tide is turning against Exxon, why haven’t investors caught on?

Unrestricted funding for companies engaged in fossil fuel expansion threatens workers’ right to dignified retirement safety, a right that unions have fought hard to win.

ExxonMobil sparked headlines and investor outrage this spring when the company sued its own shareholders over a climate-related shareholder resolution. Public pensions representing trillions in worker savings across the country pushed back and mounted a vote-no effort against CEO Darren Woods and Director Joseph Hooley, but Wall Street asset managers watered down their efforts instead offering unwavering support of Exxon.

To add insult to injury, Woods made an appearance at the Council of Institutional Investors—a nonprofit dedicated to advocating for the investor rights of public, union, and private employee benefit funds—in September. There, he promised to continue to crack down on “extreme” investors who are concerned that the company’s business model has loaded the economy with systemic financial risks and instability. Never mind that such a definition of extreme would describe many of the institutions present, which represent over 15 million workers and $5 trillion in assets under management.

But perhaps most indicative of ExxonMobil’s commitment to business-as-usual pollution is the bonds they’ve issued this fall, with a maturity date of 2074.

These long-dated bonds represent unrestricted funds for ExxonMobil to continue to pursue fossil fuel expansion and plastic pollution well past most of the world’s—and investors’—Net Zero by 2050 goals. This is an especially risky gamble for investors with long-term obligations, including public pension funds that manage millions of workers’ retirement savings.

Not only is the future of oil and gas uncertain, but prolonged pollution wrought by disinformation and investor cash increases economy-wide systemic risks. Investors—and the everyday people who rely on institutions to manage their savings—will be left holding the purse strings as climate change wreaks havoc. Moreover, bond ownership does not come with the shareholder rights investors hope to use to influence company behavior. This gives Exxon complete freedom to use the funds however it wishes, even if that’s out of alignment with investor interests.

This increasing risk is why we joined California Common Good and pension beneficiaries to testify during a recent CalPERS Board meeting to ask CalPERS to issue a moratorium on purchasing Exxon bonds.

The Sierra Club represents millions of members, many of whom are saving for retirement in the face of an uncertain future and working tirelessly to protect the communities and places they love. Whether relying on a public pension plan or a private asset manager, our members rely on investment professionals to keep their futures in mind. Unrestricted funding for companies engaged in fossil fuel expansion threatens workers’ right to dignified retirement safety, a right that unions have fought hard to win. That’s why we call on investors, particularly public pension funds, to refuse to participate in Exxon’s bond issuances.

Original article by Allie Lindstrom republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

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Continue ReadingExxonMobil Plans to Keep an Entire Generation on the Hook for Its Climate Destruction

Climate Movement Says ‘Hurricane Helene Must Be a Wake-Up Call’

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Original article by Jessica Corbett republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

A van flows in floodwaters near the Biltmore Village in the aftermath of Hurricane Helene on September 28, 2024 in Asheville, North Carolina. (Photo: Sean Rayford/Getty Images)

“To those insisting that, ‘This is not the time!’ to have those other conversations, I say: This is *exactly* when we need to be having them,” said one climate scientist.

As emergency crews have worked through the weekend to rescue people and restore essential services across several southeastern U.S. states, green groups in recent days have pointed to the death and damage from Hurricane Helene as just the latest evidence of the need for sweeping action on the climate emergency.

Helene made landfall as a Category 4 hurricane with 140 mph winds in Florida’s Big Bend region late Thursday, then left a path of destruction across hundreds of miles of Georgia, the Carolinas, and Tennessee. As of early Sunday, at least 64 people are confirmed dead—including at least two people in Virginia—though that figure is expected to rise.

“Moody’s Analytics said it expects $15 billion to $26 billion in property damage,” The Associated Press reported Sunday on what is now a post-tropical cyclone. “AccuWeather‘s preliminary estimate of the total damage and economic loss from Helene in the U.S. is between $95 billion and $110 billion.”

The youth-led Sunrise Movement said Sunday that “any reporting about Hurricane Helene needs to be clear—this is not normal. This is not just a tragedy. This is a crime. Fossil fuel companies have known this would happen for the last 50 years. They lied to the public and bought out our government just to make a profit. Make them pay.”

Greenpeace USA similarly declared on social media Saturday that “#HURRICANE HELENE MUST BE A WAKE-UP CALL FOR CLIMATE JUSTICE!”

“We are heartbroken,” the group said, noting the dozens of people killed. “Communities have been devastated. The corporations heating the climate must be held accountable.”

Dozens of communities across the United States have already launched climate liability lawsuits against Big Oil, which knew for decades that fossil fuels would heat the planet but promoted disinformation and raked in huge profits. Recently there have been calls for legal action by the U.S. Department of Justice and potential homicide cases brought by state and local prosecutors.

“Our hearts and solidarity go out to everyone facing the devastation. Please support mutual aid relief efforts and demand oil companies #StartDrillingStartPaying!” Greenpeace said Saturday.

Sunrise executive director Aru Shiney-Aja on Sunday offered a “friendly reminder that fossil fuel companies get 20 BILLION dollars in [government] subsidies every year,” while the Federal Emergency Management Agency (FEMA) “runs out of money to respond to disasters like Helene.”

Both Shiney-Aja and Greenpeace shared footage from Asheville, North Carolina, which endured what Ryan Cole, the assistant director of Buncombe County Emergency Services, described as “biblical flooding.”

Just two years ago, The New Lede reported that “from wildfires racing through the drought-stricken West, to heavy flooding in the central and eastern regions of the United States, extreme weather events are spurring many Americans to seek refuge in more environmentally stable cities, so-called ‘climate havens,'” including Asheville.

This weekend, Asheville—which is over 2,000 feet above sea level and more than 250 miles from the coast—and surrounding communities are contending with disrupted water, power, and communications services due to what officials are reportedly calling “Buncombe County’s own Hurricane Katrina.”

Noting Asheville’s elevation and distance from the coast, Lucky Tran, director of science communications and media relations at Columbia University in New York City, said Sunday that “no place is safe from climate change. We all suffer the consequences. We must all take action. We are all in this together.”

As The New York Times reported Sunday:

People across western North Carolina chainsawed their way to loved ones and drove for hours Saturday on dwindling gas tanks in search of food and power, in what one resident described as a “mini-apocalypse” after Hurricane Helene.

Authorities said the region was facing a historic disaster a day after the powerful storm swept through the Southeast, downing power lines and washing out highways. Landslides, spotty cellphone service, and a gas shortage complicated rescue and recovery efforts. Some stranded people were being airlifted to safety.

Antonia Juhasz, a leading climate and energy journalist and author, said Saturday that “Asheville, North Carolina is being wiped off the map by the worst storm to hit the region in a generation. This is what the climate crisis looks like: the production and use of fossil fuels changes the climate, intensifying extreme weather events and making them more frequent.”

As hurricane scientist Jeff Masters detailed Friday, fossil fuel-driven climate change “makes the strongest hurricanes stronger,” boosts rainfall from such storms, leads to more rapid intensification, and causes sea-level rise that increases storm surge damage.

In an effort to emphasize the climate change connection to extreme weather, from heatwaves to hurricanes, some climate campaigners have suggested naming such events after oil and gas companies.

“What did a Helene ever do to deserve getting this horrific hurricane named after her? We should be naming hurricanes after fossil fuel CEOs instead. How about Hurricane Darren?” said Fossil Free Media director Jamie Henn, taking aim at ExxonMobil’s Darren Woods.

Daniel Swain, a climate scientist focused on extreme weather, said on social media Saturday, “The images and stories just beginning to emerge from eastern TN and western NC in the aftermath of widespread catastrophic flooding wrought by Helene are genuinely horrifying, and the full scale of the disaster is likely as yet untold.”

“This was, by far, the most extreme rain event in observed record across much/most of the region, where reliable records date back over 100 [years]. Unsurprisingly, the flooding which resulted has also been widespread, historic, and generally catastrophic across a broad region,” he explained. “These floods, which were concentrated in valleys containing rivers and typically modest creeks and streams, involved extremely large volumes of water moving downhill at high velocity. This was not a gradual or ‘gentle’ inundation by any means.”

Swain stressed that “sometimes ‘worst-case’ scenarios really do come to pass, and I think we often lack the collective imagination to fully envision what that looks like. That’s a problem, because being honest about risks that exist is [the] first step toward mitigating them and preventing harm!”

“Ultimately, there many folks in FL, GA, NC, and TN who are in need of urgent assistance—and that is/should be foremost priority,” he added. “But to those insisting that, ‘This is not the time!’ to have those other conversations, I say: This is *exactly* when we need to be having them.”

The AP reported that “in Atlanta, 11.12 inches (28.24 centimeters) of rain fell over 48 hours, the most the city has seen over two days since record-keeping began in 1878,” while “in Florida’s Big Bend, some lost nearly everything they own, emerging from the storm without even a pair of shoes.”

Along Florida’s Gulf Coast, “Helene shoved a wall of water estimated at least 10 feet high into the lowest-lying areas of Steinhatchee,” according to USA Today.

South of there, in Pinellas County, officials have identified over 18,000 homes damaged by Helene—and at least 11,000 are “uninhabitable,” as the Tampa Bay Times put it.

Highlighting the connection between climate change and more intense hurricanes, Congressman Maxwell Frost (D-Fla.) said Thursday that “the climate crisis is here. We must act to save lives.”

Original article by Jessica Corbett republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingClimate Movement Says ‘Hurricane Helene Must Be a Wake-Up Call’