Profits can be used to fight climate policies that otherwise enjoy broad public support.
 | By Eliza Barclay Climate Editor, Opinion |
On its face, Exxon Mobil's proposed merger with its competitor Pioneer Energy Resources might not seem like a problem for democracy. |
But in a guest essay this week, a Brown University political scientist, Jeff D. Colgan, makes the case that by doubling down on fossil fuels, Exxon is strengthening its advantages over voters and its ability to distort policy to protect its profits. This is in large part because of how we can expect Exxon, based on how it has behaved in the past, to use some of its income to try to limit regulations and taxes on its greenhouse gas emissions and the climate impact of its products. |
If regulators allow this acquisition to go through, it will mean "more money for lobbyists, industry interest groups and media advertising, all of which undermines efforts to pass legislation strong enough to meet the world's climate goals. The cumulative effect of it all on democracy would be so significant that regulators ought to be paying close attention," he wrote. |
Though the legal path to stopping the deal is narrow, the Federal Trade Commission could investigate it, the Securities and Exchange Commission could raise questions, and Congress could hold hearings on Exxon's commitment to climate goals in light of the merger, Colgan argued. |
Ultimately, the "deal endangers the world, and it should be stopped," he wrote. |
And time is short. As Zeke Hausfather wrote in a guest essay last week, "there is increasing evidence that global warming has accelerated over the past 15 years rather than continued at a gradual, steady pace," which means the effects of climate change that we're already facing "will only grow more severe in the coming years." |
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