Ignore the misleading claims about the energy transition, says Charlie Penner

ExxonMobil’s strategy update, released earlier this month, maintained its current focus on disciplined spending on fossil fuel production while laying out more on emissions reduction. This was Exxon’s first strategic update since the election of new directors following a campaign I ran in my previous role at Engine No 1, and the FT has asked me to share thoughts on the company’s progress since that vote.

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Even in times of demand growth — which is no certainty in future decades — large fossil fuel projects have frequently failed to deliver enough returns. While the industry expresses confidence about future demand, such claims are belied by its heavy lobbying against change, which threatens to harm long-term investors by deepening future industry disruption, says Charlie Penner.
Even in times of demand growth — which is no certainty in future decades — large fossil fuel projects have frequently failed to deliver enough returns. While the industry expresses confidence about future demand, such claims are belied by its heavy lobbying against change, which threatens to harm long-term investors by deepening future industry disruption, says Charlie Penner. (Foto: Dean Mouhtaropoulos/Getty Images)