That kind of thinking simply doesn't square with reality.

Click to view the full sized image Dear Friend, Rex Tillerson is at it again. Despite just leading Exxon Mobil through three years of declining revenues, he quipped that when it comes to investing in renewable energy "We choose not to lose money on purpose." Most troubling was the applause from the crowd, which - even with earnings down 46% - is a clear sign of the echo chamber that has led U.S. oil companies like Exxon, Chevron and ConocoPhillips to double down on dirty fuels. At Chevron's annual general meeting for instance, CEO John Watson claimed that the "path to prosperity has run through fossil fuels for the last 150 years and it will continue to run through fossil fuels for at least 100 more." That kind of thinking simply doesn't square with reality. In the last year, the financial landscape for fossil fuel companies has begun to change. With more global emphasis on investing in renewable energy, capturing energy efficiency opportunities and reducing carbon emissions, fossil fuel companies are meeting more and more skepticism when it comes to their high-cost carbon-intensive projects. Furthermore, pressure from Wall Street analysts, investors and governments is turning the tables on the fossil fuel industry, forcing them to acknowledge and address that their business as usual approach will not work in a world that is shifting towards a clean energy economy.  And yet these oil companies still refuse to  shift their business models from focusing on short-term profits to long-term sustainability. That's where investors come in. Ceres is, working closely with investors to pressure the major oil and gas companies to reduce their carbon asset risk. The bottom line? These companies must adapt in order to survive and thrive in the transition to a clean energy economy, and despite Exxon Mobil and Chevron's backwards positions, some oil and gas companies are starting to see the light and move forward. This is in no small part due to the work of investors around the world, many of whom are a part of Ceres' Carbon Asset Risk Initiative. As part of this effort, 75 global investors, representing more than $3 trillion in assets have called on some of the biggest players in the oil and gas industry to 'fess up' to risks - and modify their business plans to deal with carbon pollution and climate change. Here are some of the ways investors will continue to drive change in the months ahead: More than 60 investors have called on the SEC to put companies on notice for failing to meet climate disclosure requirements.   Putting climate change front and center at annual general meetings. Proxy access proposals succeeded in overwhelming numbers at more than 20 fossil fuel companies this past proxy season.   Pressing for commitments from companies in advance of climate negotiations at COP21 in Paris. Ceres is ready to support investors as they urge the fossil fuel industry to let go of the past and embrace the clean energy future. We know we need to invest an additional trillion dollars per year (a'Clean Trillion') into clean energy if we want to tackle climate change and avoid the worst impacts of a warming world. Thanks for all you do to support our work, Shanna Cleveland Senior Manager Carbon Asset Risk (CAR) Initiative P.S. In case you missed it - read more from Ceres President Mindy Lubber on Forbes about fossil fuel's day of reckoning. Ceres is an advocate for sustainability leadership that mobilizes a powerful network of investors, companies and public interest groups to build a sustainable global economy. Ceres is a non-profit organization. All gifts are tax deductible. Ceres has received high ratings from charity watchdog groups, a reflection of our effectiveness, integrity and impact. Ceres 99 Chauncy Street, 6th Floor Boston, MA 02111 www.ceres.org © Ceres. All rights reserved. Follow us on:

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