Investors with combined assets of $1.4tn have asked the world’s biggest oil companies for swifter action to cut greenhouse gas emissions.
Their call comes in a year of record profits for big oil as energy prices surged with the world economy reopening from Covid lockdowns while supplies were limited. The companies boosted shareholder payouts in response even as many investors backed away from stronger climate advocacy.
Shareholder activist group Follow This filed resolutions with Shell, BP, Exxon Mobil and Chevron, asking them to align their 2030 emissions targets with the Paris climate agreement, it said in a statement. It was joined by investors including Edmond de Rothschild Asset Management, Degroof Petercam Asset Management and Achmea Asset Management. While they each manage billions of dollars of assets, they hold less than 0.1 per cent in the four oil companies, according to data compiled by Bloomberg.
The resolutions…
