Microsoft accused of 'greenwashing' as AI used in fossil fuel exploration
Microsoft shareholders may be exposed to the "material financial risks" from its links with the fossil fuel industry, which the megacorp identified as the top growth target for its AI and cloud computing services.
Redmond-based Microsoft reckons its agreements with the oil and gas industry could represent a market opportunity of $35 to $75 billion annually in the coming years, using its technology services to aid fossil fuel exploration and production.
This is despite the fact that immediate reductions in greenhouse gas (GHG) emissions are necessary in order to meet the commitments of the Paris Climate Agreement and avoid the most damaging economic consequences of the predicted climate changes.
Microsoft simultaneously styles itself as a "first mover" on climate change, and says that it advocates for the expansion of clean energy solutions around the world.
The warning about "material financial risks" comes from a Microsoft filing with the US Securities and Exchange Commission (SEC) and contains claims from an organization trying to get them discussed at Microsoft's Annual Shareholders Meeting scheduled for December 10.
