Photo courtesy of Rex Curry/Greenpeace.

May 17, 2016

On May 25, two hours before ExxonMobil shareholders convene their annual meeting at the Meyerson Symphony Center in Dallas, 100 climate activists are expected to rally outside the center, asking the state to investigate Exxon for a 20-year campaign of public and shareholder disinformation and calling on investors to divest their Exxon shares.

This call to action comes after nine months that saw revelations about Exxon’s misleading public stance on its own research findings, the launch of an investigation of the corporation by the state of New York and rising support from the public and governments worldwide for action to mitigate climate disruption. 

“After COP 21 [the Paris Climate Summit], we know we need to take serious action,” says lead rally organizer Molly Rooke of Dallas Sierra Club. “Exxon has failed to change their opposition to shareholder resolutions that ask for transparency and to inform them of risks. There’s no more time to delay.”   

Rooke and Gary Stuard of System Change not Climate Change saw the upcoming shareholder meeting as an opportunity. Stuard mounted a Facebook page, and Rooke began organizing.

Now international climate action group 350.org is spearheading a national campaign, #ExxonKnew, with seven events around the country, including Dallas,’ posted at press time. Sixteen organizations are participating, 11 of them in North Texas [see list below].

“We’ve had complaints over the years that Exxon is not following their own science [that fossil fuels contribute to climate change], but since last fall, we know that they changed to an active disinformation campaign,” says Rooke.  

That’s when Inside Climate Change’s investigation into 40 years of Exxon history reported that the corporation reversed course in the 1990s – from sharing its research findings on climate effects of fossil fuels, to suppressing the results and organizing and funding climate change denial.  (See Green Source DFW article.) 

“They deceived the public, misled their shareholders and robbed humanity of a generation’s worth of time to reverse climate change,” declares the website #ExxonKnew.org. “Just as Big Tobacco lied about the risks of addiction and cancer, Exxon orchestrated a campaign of doubt and deception…” 

“Were they using the best science and the most competent [climate forecast] models for their own purposes, but then telling the public, the regulators and shareholders that no competent models existed?” Attorney General Eric Schneiderman asked on PBS after launching New York’s probe into ExxonMobil. Its focus is whether Exxon violated state consumer protections or other state law against securities fraud, report Bloomberg and Reuters.  

The #ExxonKnew campaign aims to enlist state pension funds of Texas, New York and other states to divest Exxon shares. As of March 31, the Texas Teacher Retirement System had $2.5 million invested in Exxon. 

350.org, as well as numerous sustainable investment groups, say that 25 years of shareholder engagement efforts to get Exxon to divulge investment and environmental risks of fossil fuels have failed. As reported April 26 in Dallas Observer, when shareholders filed resolutions requesting transparency on risk exposure and production practices in 2009, ExxonMobil and Chesapeake Energy responded to shareholder resolutions by filing a complaint with the Securities and Exchange Commission. SEC denied it. Both companies – top producers in North Texas’ Barnett Shale – remain in the bottom 10 percent of major U. S. oil and gas companies for reporting investor risks and best practices, according to Investor Environmental Health Network.

With slumping Exxon earnings, the downgrade of its credit rating and a climate dilemma in which transitioning to cleaner fuels is key to global health, safety and political and economic stability, fossil fuel shareholders can’t afford to be in the dark about rising risks to their investments’ value.

What does Rooke hope the rally will accomplish?

“Bring more attention to fossil fuel companies’ response to climate change. Get them to change,” she says. “Get shareholders to divest.”

Does she expect a significant impact? 

“I think it will help… No one action turns climate change around. So many actions can take us away from dirty fuel to renewable energy. This is part of many actions to push us in a more positive direction.”

Dallas #ExxonKnew Rally

When: Wednesday, May 25, 2016 at 7:30 a.m.  (Signs, banners and refreshments provided.)
Where: Morton H. Meyerson Symphony Center, 2301 Flora St, Dallas, Texas 75201
Contact: Molly Rooke, mollyrooke@sbcglobal.net 

Participating Organizations:

Pax Christi Dallas 
Public Citizen Texas
SEED (Sustainable Energy and Economic Development) Coalition 
350.org
350 Dallas
Climate Truth
System Change Not Climate Change – Dallas Chapter
Dallas Sierra Club
Texas Campaign For the Environment
North Texas Light Brigade
CODEPINK Greater Dallas
Veterans for Peace Chapter 106, North Texas
Dallas MoveOn Council
Oil Change International
The Nation
Dallas Peace and Justice Center

Websites: 
Facebook 

National Campaign 

Dallas Event

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