Exxon accuses divestment movement of fuelling global poverty.

National Journal: “Exxon Mobil is wielding its public relations might against the fossil-fuel divestment movement, signaling that climate-change activists have struck a nerve at the world’s biggest publicly traded oil and gas company.”
“Exxon Mobil’s blog, titled “Perspectives,” posted a lengthy attack Friday about the divestment movement, which urges universities, churches, pension funds, and other big institutional investors to dump their shares of oil and coal companies as part of the fight against global warming.
But the blog post calls the movement “out of step with reality,” saying it’s at odds with the need for poor nations to gain better access to energy, as well as the need for fossil fuels to meet global energy demand for decades to come.
Consider that the roughly 1,700 oil-and-gas and coal companies listed on stock exchanges are worth nearly $5 trillion, notes the research company Bloomberg New Energy Finance.
….”Divestment represents a diversion from the real search for technological solutions to managing climate risks that energy companies like ours are pursuing,” writes Ken Cohen, Exxon’s VP for public and government affairs.
….”Almost every place on the planet where there is grinding poverty, there is also energy poverty. Wherever there is subsistence living, it is usually because there is little or no access to modern, reliable forms of energy,” Cohen writes.”