The worm is turning ... finally

The worm is turning ... finally on companies like Exxon, the guys that lied about climate change back in the 70's but decided to cover it up in order to gin profits ever further into the stratosphere.

Exxon was aware of climate change, as early as 1977, 11 years before it became a public issue, according to a recent investigation from InsideClimate News. This knowledge did not prevent the company (now ExxonMobil and the world’s largest oil and gas company) from spending decades refusing to publicly acknowledge climate change and even promoting climate misinformation—an approach many have likened to the lies spread by the tobacco industry regarding the health risks of smoking. Both industries were conscious that their products wouldn’t stay profitable once the world understood the risks, so much so that they used the same consultants to develop strategies on how to communicate with the public.  

The worm makes its move ...

The oil industry, long a political heavyweight in Washington, suffered a series of extraordinary blows on Wednesday after shareholders, customers and the courts turned on the industry out of concern over climate change.

In the space of a few hours, Exxon Mobil Corp. was bested by an upstart shareholder seeking to shake up the company’s board. Chevron Corp. investors instructed the company to cut its greenhouse gas emissions. A Dutch court ordered Royal Dutch Shell to slash emissions by 45 percent. And while the oil industry was taking its hits, longtime ally Ford Motor Co. widened its distance from fossil fuels.

“Game-changer is an overused metaphor, but surely this is one,” Environmental Defense Fund President Fred Krupp said of the day’s events. “The policy environment for companies has already changed and will change more.”

The company’s knowledge of climate change dates back to July 1977, when its senior scientist James Black delivered a sobering message on the topic.  Credit: Getty Images

It's about time, right?