“That is just a message  — that even with things as bad as they were in 2015 — no one was talking about here at CERAweek last year,” Cleveland continued. “I think there is actually an opportunity for this industry to start shifting.”

Ceres is a group that, according to its website, works with investors “to weave sustainable strategies and practices into the fabric and decision-making of companies, investors and other key economic players.”

Another sign of the shift was Al-Naimi saying that, “Solar is definitely going to be the answer to energy’s future.” This hasn’t been the typical messaging at past CERAweek events. However, the question that is critical for addressing climate change is — how far in the future?

Because Al-Naimi also noted that Saudi Arabia is exploring fracking technology to produce oil and gas and promised that, “We will produce it one of these days.” It’s unlikely Al-Naimi will join the “keep it in the ground” movement any time soon.

ExxonMobil Still Fighting Climate Change Action

One of the requests investors are making of oil companies is the testing of portfolios against a scenario where global temperature rise is limited to no more than 2 degrees.

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