May, 28 2019, 12:00am EDT
Shareholders Press ExxonMobil and DowDuPont on Climate Resiliency Risks; Petrochemical Giants Double Down on Operations in Flood Zones
Oakland, California
Shareholder proposals brought by As You Sow will challenge two of the world's largest oil and chemical producers, ExxonMobil and DowDuPont at annual meetings on May 29 and June 25, respectively, to issue a report assessing the public health risks of expanding their petrochemical operations and investments in areas increasingly prone to climate change-induced storms, flooding, and sea level rise, and the risks such operations pose to public health. Major hazardous chemical leaks from existing petrochemical operations have already occurred during extreme weather events like Hurricane Harvey, which are becoming more frequent and intense as a result of climate change.
Petrochemical operations include ethane cracking plants ("crackers") and other facilities that produce dangerous pollutants, including benzene, volatile organic compounds (VOCs), and sulfur dioxide. Such plants can become inundated during extreme weather events and release toxic chemicals as they experience upsets and malfunctions.
During Hurricane Harvey, roughly two million pounds of hazardous air pollutants were emitted from local oil refineries and chemical plants. Following the storm, local community members reported health impacts such as respiratory illness, nausea, and headaches, among others. Some health impacts may be long-term and worse than captured by initial incident reports.
A recent report found that Exxon and DowDuPont experienced some of the largest chemical releases during the event, indicating that their existing risk management systems are proving inadequate. Such practices must evolve to meet the new challenges and risks climate change brings including litigation, financial penalties, clean-up costs, loss of social license to operate, and reputational damage, all of which negatively impacts shareholder value. Financial institutions like BlackRock are increasingly warning that financial assets are underpricing the impacts of weather events like hurricanes.
"Petrochemical industry giants like ExxonMobil and DowDuPont are demonstrating that they are alarmingly underprepared to deal with the increasing severity of extreme weather events exacerbated by climate change," said Lila Holzman, energy program manager of As You Sow. "More must be done to assure stakeholders that community health will not be sacrificed as a result of poor planning and insufficient risk management."
Available disclosures from both companies lack sufficient information on if and how the companies are considering evolving climate change-related threats in their decision-making regarding where and how to invest in the buildout of sensitive infrastructure. Exxon and DowDuPont currently have significant operations on the Gulf Coast in Texas and Louisiana and are intending to spend tens of billions of dollars over the next decade on expanding petrochemical operations in this region. Climate change is already impacting the area, and impacts will continue to intensify. Houston has experienced an increase of 167 percent in heavy downpours since the 1950s and three 500-year floods in three years from 2015 to 2018. Reports show that land loss from sea level rise in Louisiana is occurring at an alarming rate, threatening up to $136 billion in infrastructure. Moreover, proposed petrochemical operations will further contribute to the problem of climate change, as they involve highly energy- and carbon-intensive processes.
"As industry puts its foot on the gas to accelerate buildout of expensive petrochemical infrastructure, investors are asking: what are the risks?" said Holzman. "Shareholders are concerned that companies are allocating significant resources to risky petrochemical investments at a time when trends show that plastic use must be limited and high-carbon operations must reduce their footprint. This concern is heightened when companies do not clearly account for increased storms, flooding, and sea level rise in their planning processes, thereby exposing themselves, their shareholders, and their communities to preventable and unacceptable risks."
The reporting requested by shareholders will help investors assess to what extent the companies are evaluating and mitigating critical risks posed by climate change to their operations and the communities where they are located.
As You Sow is the nation's non-profit leader in shareholder advocacy. Founded in 1992, we harness shareholder power to create lasting change that benefits people, planet, and profit. Our mission is to promote environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.
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Texas State Troopers in Riot Gear Crack Down on UT Students' Gaza Protest
"Why do we even have these institutions of higher learning if we won't let students speak their conscience and protest?" said one University of Texas professor.
Apr 24, 2024
This is a developing story... Please check back for possible updates...
Civil rights advocates on Wednesday expressed alarm at a rapid escalation by Texas state troopers who descended on a student-led protest at University of Texas at Austin, which was organized in solidarity with Gaza and other U.S. college students taking part in a growing anti-war movement.
UT students gathered on campus at midday and were promptly given two minutes to disperse by state troopers, who had already been called to the scene.
The troopers were equipped with riot gear, with some carrying assault rifles and several stationed on horses.
Erick Lara, a 20-year-old sophomore, told The Dallas Morning News that the nonviolent protest transformed "within minutes" after the police began arresting demonstrators.
"I didn't think it would escalate this far," he told the outlet. "And I didn't think there would be this much police intervention from what's supposed to be a peaceful protest. Not very peaceful when there's a bunch of aggressors around, especially on horses."
The organizers called the gathering "The Popular University" and said it was aimed at pressuring UT to "divest from death."
The protesters walked out of their classes to demand UT divest from weapons manufacturers in order to end its complicity in Israel's U.S.-backed assault on Gaza, which has killed at least 34,262 Palestinians.
Student-run newspaper The Daily Texanreported roughly 50 state troopers were deployed to stop the initial protest of about 150-200 people.
Ryan Chandler, a reporter for NBC affiliate KXAN-TV and UT alum, reported that there were at least 10 students detained.
"Went here for four years, never saw anything like this," said Chandler, posting a video of a group of police pushing one student to the ground and arresting them.
Joseph Pierce, a Stony Brook University professor who attended graduate school at UT, also said the escalation was an unusually "drastic response to students advocating for an end to the genocide of the Palestinian people."
"It is a response that did not occur when in 2005 we protested the anti-gay marriage bill; in the late 2000s when we protested anti-immigration bills; in the 2010s when we protested the open-carry bill," Pierce said. "It is a clear attempt at silencing Palestinian and anti-Zionist Jewish voices."
The students faced the state troopers in a standoff on the university's main street.
"This violence against peaceful student protesters at UT Austin is absolutely horrifying—and should be condemned in the strongest terms by every politician and mainstream journalist," said former New Yorker editor Erin Overbey.
UT media and Middle East studies professor Nahid Siamdoust said the university "brought out everything but the kitchen sink to make sure" students couldn't erect an anti-war encampment like students at Columbia University, New York University, and other schools across the U.S. have in recent days.
The university had informed organizers with the on-campus Palestine Solidarity Committee on Tuesday that exercising their First Amendment rights in support of Palestinians in Gaza would "violate our policies and rules."
"The freedom to protest is integral to our democracy," said the ACLU of Texas Wednesday amid reports of the crackdown. "UT Austin students have a First Amendment right to freely express their political opinions—without threats of arrest and violence."
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The leadership of a union that represents more than 3 million building trades workers in the U.S. and Canada endorsed President Joe Biden's reelection bid on Wednesday, slamming presumptive GOP nominee Donald Trump for catering to the needs of billionaires like himself during his first four years in the White House.
"When Trump was elected, we took him at his word that he would have a worker-centered agenda and deliver on long-stalled issues such as infrastructure investment," said Sean McGarvey, president of North America's Building Trades Unions (NABTU), whose governing board voted to endorse Biden on Tuesday.
"Instead of delivering," McGarvey added, Trump "aligned himself with his billionaire buddies to enact tax cuts that raised costs for our members. Simply put, he failed to deliver. Given our experience and knowing his track record, the choice is clear."
Building trades unions and their rank-and-file members are generally seen as more conservative and pro-Trump than other elements of the U.S. labor movement. In 2017, McGarvey celebrated Trump's effort to advance construction work on the Keystone XL pipeline, a massive fossil fuel project that Biden effectively killed in 2021 after years of organizing by environmentalists and Indigenous tribes.
But NABTU's leadership endorsed Clinton over Trump in the 2016 presidential election and Biden over Trump in 2020.
In a five-minute ad released Wednesday, the union highlights Trump's pledge to be a dictator on "day one" and condemns the former president as a dangerous egomaniac.
NABTU called for Trump's resignation after the January 6, 2021 insurrection at the U.S. Capitol.
"Donald Trump, he's not a good man. He's not a good person. He does not care about anybody in this world except Donald Trump," McGarvey says in the new ad. "His dark side is very, very dark."
Wow. You may have seen a short version of the North America Building Trade Union ( @NABTU) video endorsement of Biden. The full video is incredible and absolutely devastating for Trump. They did not hold back. A must watch till the end. pic.twitter.com/stL7b7JazP
— MeidasTouch (@MeidasTouch) April 24, 2024
In his statement Wednesday announcing NABTU's endorsement, McGarvey cites the Bipartisan Infrastructure Law, the Chips and Science Act, and the Inflation Reduction Act as key legislative achievements that "brought life-changing, opportunity-creating, generational change focused on the working men and women of this great country who have for far too long been clamoring for a leader to finally keep their word."
"In the coming months," he added, "we will continue to engage our membership and their families directly, member to member, door to door, and jobsite to jobsite, with an unprecedented field program in key battleground states, to tell them how important President Biden and his policies have been to them, their economic security, and their freedoms."
But McGarvey said in an appearance on MSNBC's "Morning Joe" on Wednesday that the union does not intend to "waste a lot of time talking to every American that supports Donald Trump" or "some of our members that support Donald Trump, because we're not gonna change their minds."
Speaking at NABTU's annual legislative conference on Wednesday, Biden welcomed the union's endorsement and said that "Donald Trump's vision of America is one of revenge and retribution, a defeated former president who sees the world from Mar-a-Lago, who bows down to billionaires and looks down on union workers."
NABTU is the latest major union to back Biden as he prepares for his high-stakes rematch with Trump in November. In January, Biden secured the support of the emboldened United Auto Workers, whose president called Trump a "scab" who "stands against everything we stand for as a union."
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"Instead of protecting kids," said one Democratic lawmaker, "they've protected guns again."
Apr 24, 2024
A Democratic leader in the Tennessee House on Tuesday warned that a bill pushed through by Republicans to permit teachers to carry concealed handguns was "nothing but a bad disaster and tragedy waiting to happen," after the GOP cut off a debate and refused to include amendments that aimed to add safety measures to the legislation.
House Bill 1202 passed in a 68-28 vote, and Republican Gov. Bill Lee, who has never vetoed legislation, is expected to sign it, clearing the way for the state to require school districts to allow teachers to carry firearms without notifying students' parents.
According toThe Tennessean, the legislation does not allow schools or school districts to opt out of the program and requires administrators "to consider every individual who wants to carry."
The legislation was passed just over a year after a shooting at the Covenant School in Nashville killed six people, including three children.
"Our children's lives are at stake," said House Democratic Caucus Chair John Ray Clemmons (D-55).
After last year's shooting, the Tennessee Legislature garnered national attention when Republicans voted to expel expel state Reps. Justin Jones (D-52) and Justin Pearson (D-86) for joining outraged students in a chant for gun control during a protest. Jones and Pearson were soon reinstated.
Following Tuesday's vote on arming teachers, Republicans voted to bar Jones from speaking in House proceedings for two days after he was accused of committing three rules violations, including recording on the chamber's floor—something a GOP member was also accused of doing.
Jones applauded Tennessee residents for speaking out against H.B. 1202 in the House chamber.
"Despite my Republican colleagues' best effort, the power of the people cannot and will not be stopped," said the lawmaker.
The GOP ended the debate over the legislation after one teacher, Lauren Shipman-Dorrance, cried out from the viewing section. Shipman-Dorrance was removed by state troopers on orders from House Speaker Cameron Sexton (R-25).
After the bill passed overwhelmingly—despite four Republicans who joined the Democrats and three who abstained—the remaining protesters chanted, "Blood on your hands!" before the GOP ordered state troopers to remove them.
Sarah Shoop Neumann, whose children attend Covenant Day School, delivered a letter with more than 5,300 signatures to the House on Monday demanding that lawmakers defeat the bill and warning that the legislation "ignores research that shows the presence of a gun increases the risks posed to children."
Shoop Neumann toldThe Tennessean that the bill's passage was "disgraceful."
"We worked with the Senate and representative sponsors of this bill to make it even a little bit safer—anything, really—and I'm utterly disappointed that that was not taken into consideration," she told the outlet.
Kris Brown, president of gun violence prevention group Brady, pointed out that "multiple teachers were armed at [the Covenant School], yet that was not enough to stop six children and school employees from being murdered."
"The Tennessee Legislature has just dishonored all who were killed at the Covenant School shooting last year by choosing to promote the proliferation of firearms in classrooms," said Brown. "H.B. 1202 is especially egregious as it has no safe storage requirements, meaning firearms could potentially fall into a child's hands."
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Democrats proposed amendments to require that teachers lock up their handguns and only remove them during a security breach, that teachers be held civilly liable for using their guns, and that schools inform parents if guns are on campus, but the GOP rejected all of the proposals.
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Pearson said the passage of the bill marked "an awful day for Tennessee, our kids, our teachers, and communities."
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