Category: Business & Capitalism

Corporate greenwashing of the day

In a March 5 presentation to investment analysts, ExxonMobil stated that,

We continue to take steps to reduce hydrocarbon flaring in our Upstream operations, and our 2008 performance represents significant improvement in this area. In 2008, flaring was about 30% lower than in 2007, and we expect to further reduce our Upstream hydrocarbon flaring volume from 2008 levels by over 20% in the next few years as planned projects are implemented.

Actions like these taken since 2005 resulted in reductions in greenhouse gas emissions of more than 7 million tonnes in the year 2008. This is equivalent to taking 1.4 million cars off the roads in the United States. In our current operations and in the development of projects for the future, we are working to Protect Tomorrow. Today. [Emphasis added]

Unless ExxonMobil CEO Rex Tillerson really thinks that CO2 emissions threaten “Tomorrow” — in which case he should cease company operations “Today” — he should knock off the corny, over-the-top greenwash.

Such nonsensical language does not inform shareholders so much as it deceives into believing that the company is being run by capable and competent executives. Such language simply plays into the hands of the greens and possibly trial lawyers — after all, isn’t ExxonMobil essentially admitting that its operations endanger us?

Last week, we cheered ExxonMobil for committing $150 billion over the next five years to oil and gas exploration. So based on the ExxonMobil statement, would that be $150 billion invested to release even more CO2 into the atmosphere?

C’mon Rex. The greens are out to destroy your industry. As long as you and fellow CEOs insist on pretending that global warming is about the environment rather than a direct attack on our free enterprise system and individual liberties, my money is on the greens winning.

You can click here to listen to Steve Milloy trying to defend ExxonMobil at the company’s 2008 annual meeting of shareholders.

Steve Milloy’s new book Green Hell: How Environmentalists Plan to Control Your Life and What You Can Do to Stop Them spotlights how CEO cowardice permits the greens to use capitalism against capitalism.

Utility investors already hurt by Obama CO2 plans

Utility investors don’t need to wait for CO2 regulation to be implemented to be harmed — the specter of CO2 regulation by the Obama administration and Democrat-controlled Congress is already reducing dividend payments and harming stock prices.

The Wall Street Journal reported today that the only sector performing worse in the stock market than the banking sector is the utilities sector. The WSJ reported,

Strategists point to concerns about the Obama administration’s efforts to limit carbon emissions through a cap-and-trade program that would tax offenders, including many utility companies, along with concerns about higher financing costs and reduced demand.

These concerns contributed to recent 30% and 50% dividend cuts by Ameren Corp and Great Plains Energy, respectively, and declines in the share prices of stocks like Duke Energy and Consolidated Edison.

The WSJ noted that,

Utilities were hardly standouts in 2008; the sector fell nearly 32%, but that was third best among the 10 industry sectors and short of the S&P’s 39% decline. The stocks weren’t particularly weak in the early part of the year, but as expectations for climate-control legislation have risen, so too has investor concern, because of the potential cost for utility companies.

In commentary last week, Sanford C. Bernstein & Co. analyst Hugh Wynne noted that climate-control legislation is high on the list of priorities of Democrats in the House and Senate. He said a bill that was moving through Congress last year may be resuscitated, one that he said was “guided in large part by the need to establish support for climate change legislation among coal state Democrats and affected industries.”

Steve Milloy’s new book, Green Hell: How Environmentalists Plan to Control Your Life and What You Can Do to Stop Them, discusses how green policies will make it more difficult to invest for retirement, college and other long-term financial needs.

Nike, Starbucks, Timberland lobby to enslave you

Next time you have a choice on athletic gear, coffee, shoes or casual clothing, think twice about purchasing goods from Nike, Starbucks, Timberland and Levi Strauss.

Each of these consumer products companies is a member of Ceres, a green group lobbying for “strong U.S. climate and energy legislation in 2009.”

Representatives from Nike, Starbucks, Timberland, and Levi Strauss — a.k.a “useful green idiots” — will appear at a breakfast event sponsored by Ceres on Thursday March 12, 2009 at the Willard Hotel In Washington, D.C. EPA administrator Lisa Jackson will open the event at 8am.

Aside from these companies aiding and abetting the anti-American green agenda, it’s difficult to fathom how premium consumer products companies plan to profit by harming the economy.

Take action:

Buy products from other companies.

If you own the stock of these companies, think about dumping it.

Steve Milloy discusses how the greens are using capitalism against capitalism in his upcoming book, Green Hell: How Environmentalists Plan to Control Your Life and What You Can Do to Stop Them.

Irony for GE CEO: Green is not much green

GE CEO Jeff Immelt is fond of saying that “green is green,” apparently in hopes that his corporate greenwashing and lobbying for global warming regulation would be profitable.

But as GE’s stock price closed yesterday at $6.66, its lowest value since 1992 and about 10 percent of its peak value, the Washington Post point out in a front-page, above-the-fold story that:

The price of a GE share, $6.66, was less than the cost of a single compact fluorescent light bulb.

Question of the Day:

Which will last the longer?

  1. Jeff Immelt’s tenure as GE’s CEO, or
  2. A GE light bulb

Steve Milloy’s new book “Green Hell: How Environmentalists Plan to Control Your Life and What You Can Do to Stop Them” spotlights GE’s dubious effort to go green.

Greens dump on eBay greenwashing

The New York Times reported this morning that,

In a new program centered on Earth Day, eBay is becoming the latest company to promote its green credentials…

Yes, said Alan Marks, senior vice president for global communications at eBay. Its business model encourages reselling old items rather than throwing them out, and buying used merchandise rather than making new stuff reduces carbon emissions that go along with production.

But the real greens weren’t fooled. Michael Brune of the Rainforest Action Network told the Times:

“A lot of the things sold on eBay are new merchandise, and last time I checked the Postal Service still used fossil fuels for all of their planes and their trucks, so it’s not sustainable,” he said, referring to how eBay sellers ship items. “It’s fair to say that buying used goods on eBay is better for the environment, but let’s not get carried away and say this is the greenest thing since recycled paper.”

EBay’s new green website is ebaygreenteam.com. It reads,

By giving used toasters and toys a longer life and keeping sweaters and cellphones out of landfills, they’re making a big difference for the planet.

Way to go Meg Whitman. Who wouldn’t want to help to sell America down the green river to keep sweaters and a cell phones out of landfills?

Perfect climate for lobbyists?

The Center for Public Integrity reports that more than 770 organizations have hired an estimated 2,340 lobbyists who earned an estimated $90 million last year to influence the federal government on climate change legislation.

The Center’s website has a search form so you can see who’s lobbying for who and for how much.

No word on who, if anyone, will be lobbying on behalf of consumers and taxpayers.