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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook    FB

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Ex-Facebook executive starts group to help employees push companies on climate

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02/24/2020 | 01:00am EDT
FILE PHOTO: An array of solar panels is seen in the desert near Victorville

Facebook's former sustainability chief has launched an organization to help employees at big companies press their bosses for more aggressive policies to fight climate change.

Hundreds of companies have committed to reducing emissions in their own operations to be in line with the 2015 Paris Agreement, in which governments aim to limit global warming to well below 2 degrees Celsius.

Beyond their own operations, however, many companies have refrained from advocating for broader solutions needed to avoid a global catastrophe, said Bill Weihl, who led sustainability efforts at Facebook and Google and will head the new organization, ClimateVoice.

Employees at tech companies have objected to selling cloud services to Big Oil, and companies are reticent to exert lobbying influence on behalf of specific legislation.

"When it's an issue that might be really important for society but doesn't directly affect them, by and large most companies are silent most of the time," said Weihl, who left Facebook in 2018.

ClimateVoice is launching as a volunteer effort but aims to raise funds and hire staff soon after launch. Weihl said it will seek to organize and amplify climate activism among tech employees to push executives to lobby on behalf of legislative efforts around climate.

Workers have become a key constituency in the climate change debate, particularly at the biggest tech companies. Microsoft and Amazon announced more ambitious emissions targets after employees ultimately made their concerns publicly known.

Bruce Hahne resigned as a technical program manager at Google this month and criticized the company in a public letter for selling technology to the energy sector to more efficiently produce fossil fuels -- echoing concerns raised by workers at Amazon and Microsoft.

"We're dying by fire, and the Google Cloud oil and gas sales vertical is pouring on the gasoline," Hahne wrote.

Google respresentatives did not immediately respond to a request for comment.

ClimateVoice initially intends to advocate for legislation at the U.S. state and regional levels, instead of the U.S. Congress. The group could be useful in providing employees with a list of policy priorities to raise with their bosses, Hahne told Reuters. It could also help bring together workers at different companies, who could work together on proposed bills with less fear of management retaliation.

"ClimateVoice is going to need to design sets of tactical behaviors that work well with cultures of the organizations, and that are safe," Hahne said.

By Dan Levine

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.64% 1192.1601 Delayed Quote.-11.66%
FACEBOOK 1.35% 168.07 Delayed Quote.-19.34%
LONDON BRENT OIL -5.47% 31.91 Delayed Quote.-47.14%
MICROSOFT CORPORATION -0.07% 165.0712 Delayed Quote.4.84%
WTI -10.93% 24.045 Delayed Quote.-59.76%
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Financials (USD)
Sales 2020 80 905 M
EBIT 2020 28 582 M
Net income 2020 23 552 M
Finance 2020 64 537 M
Yield 2020 -
P/E ratio 2020 18,9x
P/E ratio 2021 15,3x
EV / Sales2020 4,63x
EV / Sales2021 3,64x
Capitalization 439 B
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Mean consensus BUY
Number of Analysts 51
Average target price 227,24  $
Last Close Price 154,18  $
Spread / Highest target 94,6%
Spread / Average Target 47,4%
Spread / Lowest Target -22,2%
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Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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