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Old 10-30-2019, 06:15 PM
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https://nypost.com/2019/10/30/rex-ti...xon-testimony/

Rex Tillerson arrives at Manhattan Supreme Court for Exxon testimony
By Priscilla DeGregory
October 30, 2019 | 10:21am | Updated

Former Secretary of State Rex Tillerson arrived at Manhattan Supreme Court on Wednesday morning for his expected testimony at a trial that the New York Attorney General’s Office brought against ExxonMobil for allegedly hiding from investors the financial costs of climate change.

Tillerson — one-time CEO of the oil giant — is slated to be called by the AG’s Office as it continues its case arguing that Exxon used two sets of books to account for the economic impact of climate change, one that it held internally and one that it disclosed to the public.

AG’s Office lawyers allege that this agenda went all the way up to Tillerson.

Tillerson — who was ousted from President Trump’s administration in March 2018 — rolled up in a black Lincoln SUV to the rear of the 60 Centre St. courthouse about an hour before the trial was expected to began, wearing a midnight blue suit with a white shirt and red tie.

In a statement, Exxon denied the AG’s Office’s claims, saying the case “is misleading and deliberately misrepresents a process we use to ensure company investments take into account the impact of current and potential climate-related regulations.”

“In the absence of a uniform, globally accepted cost of carbon, ExxonMobil uses two distinct metrics to account for the impact of current and potential climate-related regulations,” the company said. “The first is a ‘proxy cost’ which is intended to reflect the impact of all climate policies that could reduce demand for oil and natural gas globally. The other, a greenhouse gas cost or ‘GHG cost,’ reflects actual costs that might be imposed directly on the emissions of oil and gas projects as a result of specific laws in a jurisdiction, for example.”

The statement continued: “ExxonMobil applies proxy costs and GHG costs precisely as disclosed and takes both into account to help make sound business decisions and meet its fiduciary responsibilities to shareholders.”
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