https://www.wsj.com/articles/how-greens-humiliate-themselves-1540939433
Despite its general lack of merit, a lawsuit by the New York attorney general’s office is an entertaining symbol of all that has gone wrong with the green movement in the era of climate-change politics.
Exxon is accused of failing to adopt sufficiently penitential accounting for its oil and gas projects in light of climate regulations that, ahem, don’t exist. Indeed, politicians around the world have declined to enact the green wish list even when given the chance, notwithstanding their endless verbal opposition to climate change.
Presume for a moment the accusations against Exxon are accurate. Then greens should actually be glad because Exxon has spared them future embarrassment when the company is forced to increase the recorded value of its assets to account for the failure of green politics to deliver the expected carbon regulations.
Words are challenged to express how laughable this case is. Before getting lost in distinctions that Exxon internally draws (and the attorney general muddles) between project-specific costs and policies that would suppress demand for fossil fuels generally, let’s remember a few things.
Like all businesses, Exxon seeks to take only those risks that will pay off, and has every incentive to anticipate future regulatory costs correctly. The attorney general’s office and its green backers have an entirely different purpose: They want Exxon to use its internal disciplines to prevent oil and gas development even if it would pay off.