The recent documentary on Exxon that also discussed Guyana was concerning. Their energy portfolio is not transitioning as quickly as it needs to, while their research and growth initiatives are out of sync with what is needed to improve the health of the planet and its people. Continuing to focus on biofuel that leverages our forests which help reduce the damage that fossil fuels have caused to the climate is going to accelerate the problem being faced by the planet and its occupants, including the animals. At the same time, they are pushing the use of chemicals and petroleum-based products in our daily lives via several high consumption industries without providing a solution for the current and future waste problems that have resulted in plastics polluting our land and seas. The surge in petroleum product related cancers and the unhealthy impact on our food, needs to be a higher priority in Exxon’s portfolio strategy.
As mentioned previously, Exxon has shown that it has the capability to work effectively on our sea floor, yet wave energy is not a top priority in its portfolio development. Where are the plans to harness the increasing energy in the climate as seen in the super hurricanes and increasing level of wave energy? If Exxon is truly a technology company, then they should be amongst the leaders in developing solar, wind and wave energy harnessing technology. Their internal portfolio development and acquisition pipeline strategy needs to be in tune with the future needs of our planet and its inhabitants. The new Board members that are environmentally friendly have to help drive the cultural change required at Exxon. Making money is important, but it must be done sustainably and with good corporate stewardship that keeps the long-term health of its consumers in mind. Exxon must show that its leadership can make the company a game changer while addressing the urgent need to course correct towards an environmentally friendly way in which the planet fuels its energy needs. Only by pivoting quickly towards wave, wind and solar will Exxon be able to gain a responsible leadership position in the energy industry.