U.S. oil giant Exxon Mobil will begin disclosing financial data related to climate change to investors, it said in a filing with the Securities and Exchange Commission late Monday.
The company revealed in the filing that its board of directors “has decided to further enhance the company’s disclosures” consistent with a proposed resolution, “and will seek to issue these disclosures in the near future,” according to the SEC filing.
“These enhancements will include energy demand sensitivities, implications of two degree Celsius scenarios, and positioning for a lower-carbon future,” the filing read.
The company has been in a legal fight with Democratic attorneys general over reports that it suppressed its own scientists’ findings from the 1970s that showed its business would be harmed by climate change. The company adamantly rejects the basis of the investigation.
In May, a majority of shareholders supported a climate proposal that would require the company to include climate change in its business analysis, but the board rejected it. The Monday filing said the board has reconsidered its position.
"Consistent with Exxon Mobil’s corporate governance guidelines, the company's board of directors has reconsidered the proposal requesting a report on impacts of climate change policies," the filing stated.
An Exxon spokesman said the company had nothing to add beyond what was said in the filing.
The company's decision came as international leaders convene the One Planet Summit in France to mark the two-year anniversary of the Paris climate change agreement. Under the agreement, nearly 200 countries said they would take action to try to limit the warming of the earth to less than 2 degrees Celsius above pre-industrial levels.
Many scientists blame greenhouse gas emissions from burning fossil fuels, such as oil and gasoline, for driving manmade climate change.
On Tuesday morning, billionaire Michael Bloomberg announced that more than 200 companies, including oil giants Statoil and Total, joined a pact vowing to disclose climate change risks.
The CEO of Paris-based Total said it began examining climate change risks in 2016 and publishes an annual report that examines the issue.
“Climate change has to be and is integrated into Total’s strategy," said Patrick Pouyanne, Total's chairman and CEO. "Transparency on climate and long-term issues through adequate reporting and disclosure is key for investors and other stakeholders."
Pouyanne encouraged other companies to follow suit and begin publishing voluntarily annual climate disclosure reports.