Exxon spending big on clean tech advertising at Olympics

In response to pressure over climate change, Exxon Mobil Corp has been keen to show off its efforts toward advancing more clean technology through TV advertising at the Rio Olympics, Reuters reports.

According to Reuters, the four advertisements made by the oil and gas giant highlight the company’s efforts toward capturing carbon dioxide from power plants, making biofuel from algae and developing fuel-efficient cars. 

Exxon spokesperson Alan Jeffers explained that,”our main objective is to provide people with more information about the important role Exxon Mobil plays in safely and responsibly meeting the world’s growing energy demands.”

He added that, “we want to inform people about the technology and innovation that go into providing energy.”

According to iSpot.tv, Exxon has spent a total of $19.3 million to air 233 TV adverts in the US market between the 5th and 17th August this year.

The company has declined to release figures for advertising expenditure in previous years, however at the Rio Olympics, Exxon has been the eighth largest spender on TV advertising, Reuters reports. 

While there is nothing uncommon about an oil company advertising at the Olympics, this advertising package comes at a time when the company is facing mounting pressure regarding its contribution to climate change, not only from environmental groups, but also from shareholders and state attorney generals.

From shareholders, the pressure comes as governments around the world are cracking down on carbon emissions and seeking to be less dependent on fossil fuels.

This year in particular Exxon has been met by escalating pressure to act on climate change.

In what marks the first shareholder proposal to pass since 2006, in May the company’s shareholders approved a measure that may place an external climate expert on its board.

Then in March, the company came under fire when over a dozen state prosecutors announced that they would be investigating whether or not past and present Exxon executives had misled the public by contradicting research by company scientists regarding the threats posed by climate change.

In response to this criticism, Exxon representatives have claimed that the company has been unfairly targeted by environmentalist groups.

They assert that the company  has acknowledged the reality of climate change for over a decade, and supports a revenue-neutral carbon tax.

The company’s research into carbon capturing is said to have been ongoing over three decades, while it’s endeavours to make biofuel from algae date back to 2009.

 

Sources include: Reuters

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