In a week that saw the GOP assert its growing governing strength to cut(albeit modestly) federal spending there was other good news regarding common sense.
Exxon Mobil and Chevron shareholders struck down a raft of proposals urging the companies to cut greenhouse-gas emissions derived from fuel consumption, put out new reports on climate benchmarks and disclose certain oil-spill risks, among other initiatives.
In effect the so called ESG movement has had a very disappointing week.
Which is good for the world economy.
Voters have already voiced opposition and now shareholders agree.
Put simply, as CNBC noted, the investor driven climate change push at some of the largest oil companies has stalled out.
These are signs that big oil is moving ahead without indulging the fantasy that the world is ready to run on wind and solar power.
Hallelujah!
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