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Exxon shareholders call for more openness on climate change

Petroleum Review; 02/06/2017

Some 62% of ExxonMobil shareholders have voted for the oil giant to be more open about the impact of climate change on its business. The news came the day before President Trump announced the US’ withdrawal from the 2015 Paris Agreement on Climate Change. In response, ExxonMobil management indicated that they would reconsider their opposition to the request, but did not go so far as to suggest the company would begin discussions or initiate new studies.

Meanwhile, Shell shareholders have voted overwhelmingly against a special resolution requiring the company to publish annual targets to reduce carbon emissions. Speaking at Shell’s annual AGM, CEO Ben Van Beurden re-affirmed the company’s commitment to its climate change goals, promising to reduce its carbon footprint by half by 2025 through lower carbon fuel offerings. However, as reported in The Daily Telegraph and other media, he also stressed that Shell would not pursue low carbon projects which ‘do not closely fit’ with the company’s core competencies.

News Item details

Journal title: Petroleum Review

Countries: USA - Europe -

Subjects: Economics, business and commerce, Oil and gas, Climate change