Exxon blinks in the global warming debate
Oil giant gives no money to group that denies global climate change - for now.

NEW YORK (CNNMoney.com) -- ExxonMobil, which has come under increasing scrutiny for funding junk science views on global warming in recent years, has given no money to a global warming denier group it had previously funded.

The oil company donated no money to the Competitive Enterprise Institute in 2006, which ran ads on American television touting the benefits of carbon dioxide in May with the catchphrase: "Carbon dioxide: They call it pollution. We call it life."

Carbon dioxide is produced when fossil fuels are burned and has been shown to be linked to global climate change.

In 2005, however ExxonMobil (Charts) had given the organization $270,000.

The company says there is no connection between the funding change and a July meeting with the UK scientific society, the Royal Society.

In a letter released at the beginning of the month the Royal Society charged the company with funding "organizations that have been misinforming the public about the science of climate change."

Oil giant Exxon is reviewing its funding of groups that deny global warming's dangers as part of its annual review of organizations it donates to, according to the company.

"Decisions on funding are made based on that review, which is not final," said Mark D. Boudreaux, Media Relations Manager of Exxon Mobil.

Boudreaux said that "the review includes all charitable organizations we support, including those in the public policy area."

"This review is NOT in response to any action by the Royal Society," said Boudreaux "but is something we do in our normal budgeting process."

ExxonMobil shares fell 2.12 percent Wednesday. BP (Charts) ended the session 31 cents lower. Royal Dutch Shell (Charts) gained 32 cents.

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.