Losing money on purpose

Rex Tillerson and ExxonMobil just don’t get it.

The CEO of one of the world’s largest oil companies downplayed the effects of climate change at his company’s annual meeting Wednesday, telling shareholders his firm hadn’t invested in renewable energy because “We choose not to lose money on purpose.”

Global governments subsidize the fossil fuel industry more than $5 trillion per year. The damages of extracting, moving, and burning fossil fuels are almost entirely unpriced. Yet, captains like Tillerson still have the gall to mock renewable energy businesses as money losers.

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