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U.S. House panel turns to oil majors’ boards in next climate probe -Breaking

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© Reuters. FILEPHOTO: View of ExxonMobil Baton Rouge Refinery, Baton Rouge (Lawrence), U.S.A. May 15, 2021. Picture taken May 15, 2021. REUTERS/Kathleen Flynn/File Photograph

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By Valerie Volcovici

WASHINGTON (Reuters). – A U.S. congressional panel invited members of four major oil companies to give evidence about their role in climate change, spreading misinformation and other issues. The move comes after Congress grilled chief executives last year.

Hearing of Exxon (NYSE) and Shell (LON), officials Chevron (NYSE:), and BP(NYSE:), which were elected to encourage change at these corporations over environmental issues, is set for February 8.

This is the next stage of an investigation by the House oversight committee into how fossil fuel companies have acted to block climate change action and deceive the industry about their efforts.

The panel concluded the first of these hearings last year featuring the CEOS of oil majors by issuing subpoenas https://www.reuters.com/business/cop/us-congress-puts-big-oil-hot-seat-climate-deception-probe-2021-10-28 for documents on what company scientists have said about climate change and any funds spent to mislead the public on global warming.

“We’ve only begun our investigation into the fossil fuel industry’s role in causing the climate crisis and spreading disinformation,” panel chair U.S. Representative Carolyn Maloney said in a statement on Friday.

This committee is focusing its efforts on climate-focused board members. They plan to review corporate promises to reduce carbon emissions and invest more in clean energy.

Ro Khanna (chair of the panel’s subcommittee for environment), said to Reuters, “These board members ran on changing institutions from the inside.” “They’ll have to decide between living convictions or loyalty to their CEOs.”

Among the board members selected to testify include Alexander Karsner, https://www.reuters.com/business/energy/engine-no-1-win-third-seat-exxon-board-based-preliminary-results-2021-06-02 a strategist at Google owner Alphabet (NASDAQ:) Inc who took one of three seats for activist hedge fund Engine No. 1. Exxon board member to discuss growing investor concerns regarding global warming.

A letter was also sent by the committee to Susan Avery (atmospheric scientist, former president Woods Hole Oceanographic Institution) who was appointed to Exxon’s board in 2017 as climate expert.

These letters stated that board members are key in holding management responsible for meaningful emission reductions.

The four invited companies all announced their net zero emission goals by 2050. They also stated they align their plans with the Paris agreements.

Panelists will be focusing on the fact the net zero plans of the companies are mainly focused on internal operations and not the carbon dioxide released by consumers when they burn fuels.

Casey Norton, spokesperson for Exxon, did not respond to the hearing. However, he stated that the company had “provided (committee staff) with more than 200 000 pages of documents including internal communications and board materials.”

The members of the board were not available immediately for comment.

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