An investor enquiry:how much big oil spends on climate lobbying
See our content deployed in the US Senate by Senator Sheldon Whitehouse.
Investors are interested in the use of shareholder funds by corporations to delay and obstruct climate legislation. So far in 2016 alone, there have been over 15 shareholder resolutions filed by investors in the US with fossil fuel companies on the issue of influence over climate policy. We attempt to gain an order of magnitude estimate of a few, key representative oil and gas companies and trade associations to give investors and and other interested parties a feel for the amounts of shareholder funds being used for this purpose. We find, estimating conservatively, that these five entities spent almost $115m per year combined on obstructive climate influencing activites, with the bulk by the American Petroleum Institute ($65m), ExxonMobil ($27m) and Shell ($22m).
Extrapolated over the entire fossil fuel and other industrial sectors beyond, it is not hard to consider that this obstructive climate policy lobbying spending may be in the order of $500m annually.
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