Grist—ExxonMobil: Carbon caps? Fat chance. We'll just keep on drilling.

If you thought ExxonMobil might take climate risks seriously, think again.

Last week I explained why sustainability-focused investor advocacy organizations pressured Exxon to release a report on how government regulation of greenhouse gases would affect its bottom line. The hope was that Exxon would admit that if governments get serious about climate change, the company’s vast reserves of oil and gas would become unprofitable to exploit. That, in turn, would make it see the light on renewable energy and shift business strategies.

No such luck. Exxon released a report to shareholders on Monday and — much to the activists’ dismay — denied that it has a problem. Rather than discussing what would happen to it if governments force the necessary 80 percent reduction in greenhouse gas emissions from a 1990 baseline, Exxon argues that it won’t happen. So the company will be just fine, thanks.

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