November 30, 2021

Investors, court deliver ‘stark warning for Big Oil’ on climate, World News & Top Stories

HOUSTON (REUTERS) – Shareholders rebuked the top two US oil companies on Wednesday (May 26) for dragging their feet on fighting climate change, while a Dutch court ruled that Royal Dutch Shell needs to accelerate cuts to greenhouse gas emissions.

“Today was a stark warning for Big Oil,” said Bess Joffe, of the Church Commissioners for England, which manages the Church of England’s investment fund, with executives “being held to account by investors and lawmakers.”

Exxon Mobil lost at least two board seats to an activist hedge fund, shareholders at Chevron endorsed a call to further reduce its emissions and a court deemed Royal Dutch Shell’s emissions targets insufficient.

Investor support for climate concerns could force oil and gas companies to rethink how fast they pivot to other forms of energy.

BP Plc, which recently pledged to consult with shareholders on its climate targets, could see the next test of the groundswell.

A Dutch court ordered Shell to slash its carbon dioxide (CO2) emissions 45 per cent by 2030 from 2019 levels.

Dissidents get a win at Exxon

Shell said it would appeal, and analysts called the decision not the last word in the case.

“This ruling has negligible chance to survive appeals,” said Per Magnus Nysveen, of energy consultancy Rystad Energy.

In a stunning blow to top management at Exxon, shareholders elected two change candidates for its 12-seat board and approved measures calling for annual reports on climate and grassroots lobbying effort.

Activists could yet win a third seat with some votes still to be counted and the full board not yet known.

After the meeting, CEO Darren Woods said Exxon heard shareholders’ desire to advance lower-carbon and cost-cutting efforts.

“We are well positioned to respond,” he said.

Chevron shareholders backed a call for the company to cut emissions from the end-use of its fuels with 61 per cent supporting the petition. Another resolution calling for a report on the business impact of achieving net zero emissions by 2050 was backed by 48 per cent of votes cast.

Protest votes

“The question for oil companies is when and how much” do they reduce oil and gas production in response to investor and social concerns, said Charles Elson, a professor of corporate governance at the University of Delaware.

Investors have registered protests over the slow pace of change, but corporate executives will have to evaluate how to implement what are non-binding resolutions, he said.

The votes signal a new sense of urgency, said Mark Van Baal, who leads a climate advocacy group that placed resolutions calling for emissions cuts at Chevron, ConocoPhillips and Phillips66. All got at least 58 per cent support.

Investors are saying: “we want you to act by decreasing emissions now, not in the distant future,” he said.

in World
Related Posts

Heat waves, storms and drought: The Northern Hemisphere summer is off to a wild start, World News & Top Stories

July 3, 2021

July 3, 2021

MIAMI (BLOOMBERG) – Extreme temperatures in China coupled with a lack of hydro-power forced blackouts in some of its largest...

‘Like someone throwing fire on your face’: Heatwave engulfs Pacific North-west and Canada, United States News & Top Stories

July 3, 2021

July 3, 2021

PORTLAND, OREGON (FINANCIAL TIMES) – When Caleb Coder helped set up an emergency shelter in the US city of Portland...

Egypt intelligence chief expected in occupied Palestinian territories after Israel-Gaza truce, Middle East News & Top Stories

May 30, 2021

May 30, 2021

RAMALLAH, PALESTINIAN TERRITORIES (AFP) – Egypt’s intelligence chief Abbas Kamel was expected in the occupied Palestinian territories Sunday (May 30),...

Police operation in France after reports of armed man on the run, Europe News & Top Stories

May 30, 2021

May 30, 2021

PARIS (REUTERS) – A large search operation involving elite forces and helicopters was under way in France’s southern Dordogne region...

New York court suspends Rudy Giuliani’s law licence, United States News & Top Stories

June 24, 2021

June 24, 2021

NEW YORK (NYTIMES) – A New York appellate court suspended Rudy Giuliani’s law licence on Thursday (June 24) after a...

Scientists urge end to 14-day rule on lab-grown human embryos, Europe News & Top Stories

May 26, 2021

May 26, 2021

PARIS (AFP) – Scientists called on Wednesday (May 26) for a key 14-day time limit for growing human embryos in...

EU Commission sues Italy over unsafe drinking water, Europe News & Top Stories

June 9, 2021

June 9, 2021

BRUSSELS (REUTERS) – The European Commission took Italy to the EU’s top court on Wednesday (June 9) over the country’s...

Vaccinated Brits could be back on Europe’s beaches soon, Europe News & Top Stories

June 22, 2021

June 22, 2021

LONDON (REUTERS) – Britain is working on easing travel restrictions for the fully vaccinated to allow people to enjoy a...

Germany to build up reserve vaccine capacity to fight future pandemics, Europe News & Top Stories

June 2, 2021

June 2, 2021

BERLIN (REUTERS) – Germany plans to pay vaccine manufacturers an annual reservation fee to build up reserve capacity of 600-700...

US says looking at Quad meeting in fall focused on infrastructure, United States News & Top Stories

May 26, 2021

May 26, 2021

WASHINGTON (REUTERS) – The United States is looking to convene an in-person meeting of its partners the Quad group of...

Bosnian woman awarded 'Green Nobel' for fighting to save river

June 16, 2021

June 16, 2021

June 16, 2021 6:41 PM KRUSCICA, BOSNIA (REUTERS) – Maida Bilal endured being beaten and harassed when she spent more...

Half of Spaniards vaccinated with one dose, coronavirus mask rules eased, Europe News & Top Stories

June 23, 2021

June 23, 2021

MADRID (REUTERS) – Spain has vaccinated half of its 47 million population with at least one dose and nearly 32...

Putin hosts Belarus’ Lukashenko amid Western outcry over diverted plane, Europe News & Top Stories

May 28, 2021

May 28, 2021

MOSCOW (AFP) – President Vladimir Putin praised Russia’s close ties with Belarus on Friday (May 28) as he hosted strongman...

Biden sends duelling messages on Afghanistan, United States News & Top Stories

July 3, 2021

July 3, 2021

WASHINGTON (NYTIMES) – To listen to the White House and Pentagon, the exit of the last US combat troops from...

Kamala Harris holds ‘candid’ migration talks with Mexico president, United States News & Top Stories

June 8, 2021

June 8, 2021

MEXICO CITY (AFP) – US Vice-President Kamala Harris said she held “candid” and productive talks with Mexican President Andres Manuel...