Exxon Mobil Corp said it will invest “up to” $100 million over 10 years on research and development of lower-emissions technologies with the U.S. Department of Energy’s National Renewable Energy Laboratory and National Energy Technology Laboratory. That total over 10 years represents 0.16% of the oil giant’s revenue of $63.63 billion in the first three months of 2019. “Finding meaningful solutions to address climate change is going to take everyone–governments, companies and academia–working together,” said Vijay Swarup, vice president of R&D at ExxonMobil Research and Engineering Co. “This agreement will help us advance fundamental science and demonstrate scale.” Exxon’s investment comes after securities regulators ruled to allow the company block shareholders from voting on a proposal that the company disclose goals for reducing greenhouse gas emissions. In October 2018,New York Attorney General Barbara Underwood filed a lawsuit alleging Exxon misled investors about the risks climate-change regulations posed to its business. Exxon’s stock has lost 1.8% over the past 12 months through Tuesday, while the SPDR Energy Select Sector ETF has lost 14.5% and the Dow Jones Industrial Average +0.44% has gained 6.6%.
Reported by MarketWatch