Exxon Mobil Corporation (NYSE:XOM) scientists accurately predicted global warming modeling as much as 40 years ago, while the company publicly funded climate change denial groups, according to new reports.
Researchers at Harvard recently went public with information that ExxonMobil scientists had predicted with pinpoint accuracy that fossil fuel emissions would lead to 0.20°C of global warming per decade, which has been essentially largely accurate.
Geoffrey Supran, lead author and former research fellow in the History of Science at Harvard, called the new paper the first systematic assessment of a fossil fuel company’s climate projections – “the first time we’ve been able to put a number on what they knew,” according to the author.
READ: Big oil companies are more talk than action when it comes to climate - research
Researchers found that between 1977 and 2003, scientists within Exxon modeled and predicted global warming with “shocking skill and accuracy” only for the company to then spend the next couple of decades denying that very climate science, Supran added.
Exxon executives publicly maintained that the science of climate change was still uncertain. Former CEO Lee Raymond said in 2000 that research wasn’t robust enough to “justify drastic measures” to cut emissions.
Yet the oil company has also funded groups that promoted misleading information on climate change.
Big Oil companies have long struggled to balance the pursuit of profits with environmental stewardship, but the Exxon example highlights the lengths that many companies will go to in order to maintain their hold on the fossil fuel industry.
'Committed to being part of the solution,' firm says
Exxon, for its part, has defended its position. A spokesperson from the company told the New Scientist that the firm is committed to being part of the solution to climate change and the risks it poses.
“Those who suggest ‘we knew’ are wrong. Some have sought to misrepresent facts and ExxonMobil’s position on climate science, and its support for effective policy solutions, by recasting well intended, internal policy debates as an attempted company disinformation campaign,” said the company spokesperson.
Pursuit of profits continue
Exxon delivered impressive 3Q 2022 results to shareholders with revenue growth of over 80% year-over-year and profits posting the best gain since 2014.
The oil giant is poised for another strong year as it focuses on cost cutting and buying back shares, while benefiting from a new lower breakeven oil price of $41 a barrel, according to analysts.
That’s the same for the broader energy stocks, as Swissquote analyst Ipek Ozkardeskaya noted recently.
“Exxon Mobil, Chevron, BP, (and) Shell did so great that the desperate Western governments watching inflation cause a huge cost of living crisis decided to impose windfall taxes on these companies who announced jaw dropping earnings throughout the year and Exxon ended up suing the EU for this decision just a couple of days ago,” Ozkardeskaya wrote.
“Everything looked ugly (in 2022), except for energy and the US dollar.”
Contact Angela at angela@proactiveinvestors.com
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