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Wednesday, February 14, 2007

Exxon Chief Cautions Against Rapid Action to Cut Carbon Emissions

Rex Tillerson, who leads the world’s largest publicly traded company, gave an unalloyed defense of the oil industry and predicted that hydrocarbons would dominate the world’s transportation as energy demand grows by an expected 40 percent by 2030. At an industry gathering Mr. Tillerson, like President Bush, finally admitted that we are experiencing climate change due to global warming. However, Tillerson brushed off alternative fuels during talks with reporters at the "major industry gathering" and said "There is no significant alternative to oil in coming decades and Exxon will continue to make oil and natural gas its primary products."

This is in-step with the empty rhetoric I have read on the corporate websites and heard coming from the mouths of managers and recruiters from Chevron, ConocoPhillips, and even Exxon who come to recruit graduating MBAs at top business schools each year.

While I do believe Exxon has a right, as publicly traded company, to pursue profits, I also agree with the late great Peter Drucker that the pursuit of financial profits and social responsibility go hand in hand.

Full coverage at NYT.com

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