Exxon board member Jeff Ubben raises stake, as oil giant invests in carbon capture

Exxon board member Jeff Ubben raises stake, as oil giant invests in carbon capture

Activist investor and newly appointed Exxon board member Jeff Ubben is building his stake in the company on the belief that the oil giant will be integral to the energy transition.

"I am," he said Thursday on CNBC's "Squawk on the Street" when asked if he was planning to buy more Exxon shares. "I am building this new business...I really believe that the return dynamics for Exxon from here are spectacular. They are part of the solution, not part of the problem," he said.

Ubben, who is a proponent of ESG investing, joined Exxon's board in March amid pressure from shareholders to reshuffle directors as the stock price languished.

ESG refers to a form of sustainable investing that centers on three factors: environmental, social and corporate governance.

Ubben is no stranger to investing in oil and gas companies. While at ValueAct, the firm he founded in 2000, he took a stake in BP, saying traditional energy companies can belong in ESG portfolios.

In recent months, Exxon has doubled down on its commitment to environmental goals as oil majors in the U.S. and abroad look to make their operations greener.

On Monday, the company proposed a $100 billion carbon capture project in Houston that would require the