Exxon Says No | Green Energy News

May 29, 2005 – Vol.10 No.10

EXXON SAYS NO.

Does it matter that ExxonMobil has no interest in renewables? (At least right now.)

Not much.

For now Exxon wants to keep profits up, thus shareholders happy. The only damage that can come from its decision to NOT embrace renewables is in the court of public opinion.

If public opinion somehow convinced people to reject Exxon’s products (gasoline and oil) or convinced shareholders to dump their stocks en mass, then their no-renewables decision would matter.

Neither is likely to happen.

Exxon could, figuratively speaking, get into the renewables business overnight by simply buying up wind farms or buying a solar company. (If business started going sour because they rejected renewables they’d buy as fast as they could.)

Exxon publicly stated that they would not get involved in renewable energy because they feel that renewables can’t get by without government help.

Of course, neither can fossil fuels.

Government support for renewables is open, direct and transparent - tax help, research grants, outright purchases, etc.

Fossil fuels get help through changes in laws such as the opening of federal land to drilling for oil and natural gas.