Shareholders call on oil companies to reduce CO2 emissions kleinezeitung.at

Investors put pressure on US oil companies ExxonMobil and Chevron to protect the climate.

2.20 pm, 27 May 2021

Two American oil companies ExxonMobil and Chevron Get pressure from their partners, To do more for climate protection: At least two members of the activist group “Engine No. 1” were elected to ExxonMobil’s board of directors on Wednesday, with more results pending due to tight results.

There was one recently on the investor board And campaign for climate protection Started and calls from ExxonMobil Oil and gas depletion in favor of renewable energy. ExxonMobil shareholders also voted Majority for resolution, This forces the American energy company to report whether it does The campaign is in line with Paris’ climate protection goals. ExxonMobil – like Chevron – has had this again and again in the past Emphasizes the need to continue investing in oil and gas. Over the past few months, however, companies have announced new initiatives to protect the environment.

Call for a reduction in greenhouse gases

At Chevron’s annual general meeting, 61 percent of investors voted for an activist draft calling for the company to reduce carbon emissions from its products. This increases the pressure on international energy companies to improve their environmental footprint.

Only in that On Wednesday afternoon, a court in The Hague subjected the oil company Shell to severe climate protection targets. Thus a lawsuit was filed by several environmental protection groups. Accordingly, the company should reduce its CO2 emissions by 45 percent by 2030 compared to 2019. Plaintiffs and eventually the court found that the goals set by the company before reaching the global climate protection goals were too low.