Exxon Mobile Management System Fails Power Transmission – Engine No. 1

  • ExxonMobil has invested in projects that should not be – Motor No. 1
  • ExxonMobil says it is looking at the growth potential of the low carbon environment

London, December 2 (WIC) – The failure of the energy transfer strategy in the absence of an energy transfer strategy is the result of efforts to bring freedom from Engine No. 1 to the Exxon Mobile Board, US Hed Fund founder Chris James told Reuters.

Governments, companies, and individuals are cutting off carbon offsets and taking steps to enable electric vehicles and renewable energy sources such as wind turbines and solar panels.

ExxonMobil (XOM.N) stands out for its transparency and accountability in environmental impact, James said in an interview with Reuters’ next conference.

Sign up now for unlimited access to reuters.com

“This is a company that has lost its social license … It should look at the transfer of power as an opportunity to be part of the solution rather than the problem.”

Earlier this year, three of the four nominees for Engine No. 1 joined the Exxon Mobile Board.

Major oil companies, such as BP.L, have been under pressure from regulators and investors to develop clean energy and move away from fossil fuels. Read more

James said the company had some of the best engineers in the world, adding that they should not waste capital by investing in new projects in the oil and gas sector.

“Management has prevented these engineers from releasing their energy to create value in power transfer,” said James, adding that the Exxon mobile was better than Chevron since engine No. 1 intervention.

Exxon Mobile shares have increased by about 60% since November 2020, compared to Chevron (CVX.N) by 30%.

“We’re reviewing our investments in a variety of ways – including net zero routes – and we look forward to sharing more details in the coming months,” ExxonMobil said in a statement.

“There is a huge potential for growth in low-carbon opportunities where we can use our technology, engineering and project development capabilities,” he said.

Plug-in Hybrids

Linking Sustainability to Profit is a theme that goes beyond the No. 1 portfolio of motors, which is why James said the board of trustees General Motors (GMN) is fully behind the board’s management plan. Read more

Battery-powered electric vehicles will give General Motors a huge market share over the next decade, James said.

“Japanese cars have bet that hybrid electric vehicles are the future, not battery-powered vehicles, and we believe that is a mistake for Japanese cars and an opportunity for GM and Ford (FN),” he said.

“In my lifetime, GM has not had as much share as it has in the next 10 years.”

Please visit https://reutersevents.com/events/next/ to view the next Reuters conference

Sign up now for unlimited access to reuters.com

Reporting by Pratima Desay; Edited by David Evans

Our standards are published in The Thomson Reuters Trust Principles.

.

Leave a Comment