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ExxonMobil, Chevron and Occidental Petroleum join ten other major fossil fuel producers that say they recognise the goals of the Paris climate deal

ExxonMobil is to become the first fossil-fuel giant to report on threats to its oil and gas assets due to possible future regulation of carbon emissions. The move won plaudits from clean-energy campaigners, who say fossil fuels will become economically unviable as governments tackle carbon emissions. "That the largest American oil and gas company is the first to come to the table on this issue says a lot about the direction that energy markets are taking," says Danielle Fugere, president of As You Sow

ExxonMobil is under investigation by the New York attorney general for possibly lying about the risks of climate change, the New York Times reports.

ExxonMobil and other major oil companies, as well as several multinational firms in other sectors, are set to announce support for a tax on carbon emissions as a practical tool for fighting global warming. The firms argue that if energy produced from fossil fuels costs more, it will accelerate the market-driven transition to renewable energy and other sources that produce low carbon emissions.

Climate risk has arrived as a business issue to be reckoned with. Over the last year, the investment community sent a clear message that they are focused on environmental sustainability and expect companies in which they invest to do the same.

The industry has resisted pressure for years from environmental groups to warn investors of the risks that stricter limits on carbon emissions could have on their businesses, although that appears to be changing. Energy experts said prosecutors may decide to investigate companies that chose to fund or join organizations that questioned climate science or policies designed to address the problem, such as the Global Climate Coalition and the American Legislative Exchange Council, to see if discrepancies exist between the companies' public and private statements.