Imperial Oil targeted by Canadian environmental organizations

Six major Canadian environmental groups have joined forces to mount a campaign against Imperial Oil for its opposition to the Kyoto Protocol.

The David Suzuki Foundation, Friends of the Earth, the Pembina Institute, the Sierra Club of Canada and the Toronto Environmental Alliance have joined with Greenpeace as part of a global campaign targeting Exxon Mobil for its opposition to the Kyoto Protocol. Exxon Mobil’s Canadian subsidiary, Imperial Oil, is 70 per cent owned by the parent company.

The groups cite the fact that Exxon Mobil and Imperial Oil have publicly challenged  scientific evidence that burning fossil fuels is accelerating global warming. Exxon Mobil supports US opposition to the Kyoto Protocol and Imperial Oil is urging the Canadian government not to ratify the agreement.

 While the current campaign is aimed more at consumers than investors (the groups are asking consumers to boycott Imperial Oil’s Esso brand of gasoline), shareholders are becoming increasingly concerned about Exxon Mobil’s investment risk due to global warming. A global warming shareholder proposal in May asking Exxon Mobil to develop renewable energy alternatives received 20.2 per cent investor support, more than double the level of support last year (nine per cent). The influential Institutional Shareholder Services (ISS) recommended support of the resolution among its pension and mutual fund clients.

"The science is sound and practical solutions to protect the climate are available today," said Gerry Scott, climate change director for the David Suzuki Foundation. "Esso needs to stop obstructing progress."

"Despite $15 billion in world profit, Esso's the only major oil company that invests nothing in renewable energy. If any company can afford to clean up its act, it's Esso," said Sierra Club climate change director John Bennett.

 For more information, visit the Stop Esso Campaign or The Corporate Library

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