ExxonMobil on Monday said it would reduce its greenhouse gas emissions, bending to pressure from investors that have been calling on the oil giant to address the risks posed to its business by climate change. The company had long resisted such pressure, and among the major multinational oil companies was the last holdout in refusing to commit to any corporate-wide emissions reductions. Yet the emissions pledge is limited and modest, and does not represent a change in strategy for the company, which has remained committed to expanding oil and gas production, even as global leaders and some energy executives increasingly speak of an accelerating transition away from oil. In that sense, Exxon’s announcement represents both entrenchment and retreat. “This is a company that is famously reluctant to […]