In a commentary for Real Clear Markets, NLPC’s Luke Perlot writes that ExxonMobil and ConocoPhillips have capitulated to leftist pressure groups’ vision for an “energy transition:”
For example, ExxonMobil and ConocoPhillips include greenhouse gas emissions reduction targets in their executive compensation packages.
The two oil majors incentivize their top officers to pursue what they call “Strategic Objectives” or “Strategic and ESG Milestones” through variable pay programs, which can represent a significant portion of an executive’s total compensation. Success under these goals is measured by progress towards 2030 or 2050 greenhouse gas emissions targets as outlined in the Paris Agreement, and/or by capital expenditures on non-hydrocarbon pursuits like projects for carbon capture and storage, hydrogen, and biofuels.
These perverse incentives present a conflict of interest. Executives should not be enticed to destroy shareholder wealth by measuring investment value
in new oil and gas projects based upon futile carbon dioxide reduction goals, or by expending needless resources on CCS projects, which are unrelated to the companies’ core competencies.
Read the full commentary at Real Clear Markets.
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The @GoldmanSachs annual meeting is Wednesday -- will @BlackRock @Vanguard_Group @StateStreetGA and other #investors vote for Item 4 as recommended by @issgovernance and @GlassLewis ?? #GoldmanSachs #investing #WallStreet #shareholders ... http://nlpc.org/goldman
East coast #wind projects are becoming increasingly unfeasible and they kill #whales. Time for @DominionEnergy to cancel Coastal Virginia Offshore Wind project. @virginia_OSW @governorVA
3 offshore wind projects nixed in New York
It's a major blow to New York's climate plan and to President Joe Biden's energy ambitions.
www.eenews.net
