“Exxon Mobil’s external statements have accurately described its use of a proxy cost of carbon,
and the documents produced to the attorney general make this fact unmistakably clear.”
The state’s filings on Friday asserted that Exxon’s public estimates for projects in developed countries set the proxy costs at $60 a ton of greenhouse gases by 2030
and $80 a ton by 2040, while internally the company assumed the price reached only $40 a ton by 2030
According to the filings, made by the state on Friday, “evidence suggests not only
that Exxon’s public statements about its risk management practices were false and misleading, but also that Exxon may still be in the midst of perpetrating an ongoing fraudulent scheme on investors and the public.”
The filings come in a long investigation by the attorney general, Eric T. Schneiderman, into whether Exxon lied to investors
and consumers about the risks of climate change and how those risks might hurt its business.
Exxon Emissions Costs Accounting ‘May Be a Sham,’ New York State Says -
By DIANE CARDWELL and JOHN SCHWARTZJUNE 2, 2017
For years, Exxon Mobil has insisted that its investment decisions take into account what carbon pollution will eventually cost the company.
According to the filings, starting in 2010, Exxon told its investors
that it used one set of estimates known as proxy costs while a set of lower costs was used internally in business planning.