Does Exxon Investments in Renewable Energy Represent a Paradigm Shift for Big Oi

[irishbobcat]

Does Exxon Investments in Renewable Energy Represent a Paradigm Shift for Big Oil? By Kate Howell, Greenwire, July 16, 2009. "Is Big Oil warming at last to the notion of an alternative-energy future? So say some analysts who are pondering Exxon Mobil Corp.'s recent moves. Breaking from years of steadfast commitment to fossil fuels, the behemoth has announced big investments in electric cars, unconventional natural gas and algae-based biofuels (Greenwire, July 14)... The Exxon announcements have come rapidly this summer after years of rejecting pleas from environmentalists, legislators and shareholders to invest in alternative-energy technologies and commit to addressing climate change... Just six months ago, Exxon Mobil CEO Rex Tillerson said his company was not investing in alternative-energy efforts because 'we think these technologies are old. If there is going to be a fundamental shift' from fossil fuels, he said, the technology 'hasn't been discovered' (Greenwire, Feb. 17). But in recent weeks, Exxon has tossed about $500,000 into an electric car-sharing program in Baltimore and participated in development of unconventional natural gas plays in Canada. On Tuesday, it announced a $600 million partnership to develop next-generation biofuels from algae."