by David Sassoon -
Feb 5th, 2008 
We all know by now that Exxon reported the highest profits ever recorded by any company -- $40.6 billion. Sales were ten times that much, as reported by the NYT:
The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.
And like a leading nation-state, Exxon has a sizable carbon footprint, one the largest of any company in the world: 138 million tons of CO2 equivalent, emitted annually.
But here's the really astonishing thing: it turns out, Exxon's carbon footprint is not a source of risk or liability, but an asset that it can turn to profitable advantage.
So there arises two curious and important questions, one financial, the other moral.
- Is Exxon management acting in dereliction of its fiduciary duty to its shareholders? Its regressive carbon policy is leaving an asset fallow, while competitors, like BP, are reaping profits; and
- If a progressive carbon policy would be financially advantageous, why is Exxon not on the front lines advocating for policy changes that would not only help the company, but the entire world?
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