Shareholders’ rebellion over non-committal “climate ambitions”

NEWSLETTER

Stay informed and get our monthly newsletter delivered to your inbox.

In 2020, the AGM season for Big Oil was characterized by a shareholders’ rebellion over non-committal “climate ambitions”

This year’s AGMs of Equinor, Shell, and Total showed the exact same pattern: all three companies announced a “new climate ambition”, rejected the Follow This climate resolution as “unnecessary”, then suffered a substantial shareholder rebellion by a growing minority of responsible investors.

Evidently, for more and more investors, these climate ambitions for 2050 look neither credible nor serious. Three times responsible investors have sent a clear signal to an oil major. They expect action from management – not just empty words about 2050.

We thank these investors for their vision and tenacity. We don’t have time for another round of non-committal ambitions or vague discussions about 2050. We need oil majors to shift investments to decrease emissions within this decade.

Only the biggest industry incumbents have the technical know-how, financial muscle, and market-making opportunities to rapidly scale an energy transition to renewables.

Only shareholders can compel boards to set Paris-aligned targets, and support them to invest accordingly.

SHARE POST

ExxonMobil's latest move to silence shareholders: an automated voting system where the votes of retail investors automatically align with management.
During the U.S. proxy season, no environmental proposals passed shareholder votes for the first time in six years due to political pressure.
ExxonMobil’s climate report drew criticism from Follow This, saying the company is ignoring the inevitable transition to clean energy.