Slowly, in fits and starts, Exxon’s investors are pushing it to take better account of climate-change risks. At ExxonMobil’s annual shareholders meeting in May, Rex Tillerson, the silver-haired chief executive officer and chairman of the biggest oil company in the world, did something he hadn’t before in his last 10 such presentations: He addressed climate change head-on. For several minutes, he talked about Exxon’s investments in biofuel and carbon-capture technologies, its efforts to cut its greenhouse gas emissions by 8.8 million tons since 2011, equivalent to taking 2 million cars off the road, and how its scientists have spent decades studying climate change, a risk he said “warrants thoughtful action.” Tillerson had no choice but to address the elephant in the room. Six months earlier, Exxon had come under investigation by New York’s attorney general for allegedly misleading the public on climate change. Its shareholders wanted answers, too. Rex […]