(Bloomberg) -- Exxon Mobil Corp. faces an “existential business risk” by pinning its future on fossil fuels as governments move to slash emissions, Financial Times reported citing an investor presentation prepared by activist hedge fund Engine No 1.

Exxon still has no credible plan to protect value in an energy transition, according to the 80-page investor presentation seen by the Financial Times. The San Francisco-based hedge fund also excoriates the company’s “value destruction” and “refusal to accept that fossil fuel demand may decline.”

The company “touts its efforts in areas like carbon capture and biofuels,” the report said, citing the document, but the efforts have “delivered more advertising than results.”

Exxon said in March that proposals put forth by the hedge fund, pushing for changes at the oil giant, threaten future cash flows and the sustainability of its dividend. Exxon said in a letter to shareholders that Engine No. 1’s approach ignores the role oil and natural gas will play in the future, and the leadership role the oil giant intends to take in reducing emissions through the development of lower-carbon technologies.

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