The company has agreed to be more transparent about the environmental impact of its shale gas extraction practices amid shareholder pressure from New York City's pension fund, among 13 others, which holds a billion-dollar stake in Exxon
Exxon Mobil will begin releasing information about the environmental impact of hydraulic fracking in the coming months, following an agreement with the New York City Comptroller’s office and the non-profit As You Sow.
The agreement came at the behest of the city’s pension fund—which holds a $1.02 billion stake in Exxon—and 13 other co-filers, who have been pushing the company to increase transparency over the practice of fracking for five years.
Under the agreement, the company will report on what risk shale gas production operations, including fracking, have on environmental issues like wastewater, air pollution, and methane emissions. In a 2013 report, Exxon was ranked among the lowest out of 24 companies in regard to transparency on fracking operations.
“We have seen the significant risks that come from hydraulic fracturing activities,” New York City Comptroller Scott Stringer said in a statement. “Corporate transparency in this arena is truly necessary for assessing risk and ensuring that all stakeholders have the information they need to make informed decisions.
An Exxon Mobil spokesperson told Reuters Friday that they understand people have concerns about fracking because the process is so new. “People want more information and the more they know, the better,” said Alan Jeffers.
Updated, April 3: The original post has been updated to include the non-profit As You Sow’s involvement in the agreement with Exxon Mobil.