NEW YORK – ExxonMobil’s strategy in the face of climate change poses an “existential business risk” to the company, according to an activist hedge fund that is a shareholder in the oil giant, a report in the Financial Times said Sunday.
The company, which has been criticized over the last year for both its financial performance and its approach to renewable energy investment, “has no credible plan to protect value in an energy transition,” hedge fund Engine No. 1 said in an 80-page investor presentation.
ExxonMobil has said its business would focus on carbon capture and storage technology as a means to counter the emissions that cause global warming.
However, it also…
