PRESS RELEASE: Response Follow This to Chevron’s 53 billion dollar purchase of oil and gas producer Hess
“With this deal, Chevron is betting on the failure of the Paris Climate Agreement,” says Mark van Baal, the founder of Follow This, an activist shareholder movement. According to science, the burning of fossil fuels must be drastically reduced to achieve the goal of Paris.
Stranded assets
“This acquisition is an investment in stranded assets. To achieve the Paris Accord, two thirds of all proven fossil fuel reserves must remain in the ground,” says Mark van Baal.
Board endangers the company
“For many reasons, the heyday of oil and gas is quickly coming to an end. First, more climate policies will be adopted by governments. Second, as legal proceedings in California try to show, Big Oil will be held responsible for the effects of the climate crisis. Third, the cost of renewables is decreasing. Fourth, customers and shareholders are asking for leadership in the energy transition. The board puts the company in danger by willingly and knowingly investing in more fossil fuels.”
Due to investors
“Investors, who decreased pressure on oil majors after the megaprofits after the Ukraine war, enable these companies to continue causing climate breakdown. These kinds of fossil fuel deals are enabled by a majority of Chevron’s shareholders, who voted against the Follow This climate resolution that requested Paris-aligned emissions reductions.”
“Big oil needs to change or Paris will fail. That’s a decision for shareholders.”
“Chevron’s $53 billion bet on more fossil fuels is at odds with the Paris Climate Agreement and endangers the company,” says Mark van Baal.
