A Sustainable Investment in Journalism

A sustainable business requires diverse revenue streams. ESG Investor now operates a subscription service as of Tuesday 14th May. To find out more please get in touch with our subscription team on subscriptions@esginvestor.net

Support Drops for Climate Resolutions  

Shareholders have significantly dropped their support for climate-related proposals at US oil majors ExxonMobil and Chevron. Votes for the Follow This climate resolution to introduce Scope 3 emissions reduction targets fell to 11% at ExxonMobil from 28% last year, and to 10% at Chevron from 33% in 2022. Founder of Follow This Mark van Baal said: “It’s incomprehensible that most investors still accept the US super majors’ refusal to cut emissions this decade.” Preliminary proxy voting results also show that just only 1.6% of shareholders at Exxon and Chevron voted in favour of establishing a new board committee on decarbonisation risk, and only 5.2% at Exxon supported a proposal for an additional carbon capture and storage and emissions report. At Chevron a modest 18.6% of shareholders voted in favour of a proposal to report on worker and community impact from facility closures and energy transitions. Further, 18% of shareholders at Exxonand Chevron voted in favour of resolutions calling on them to disclose the role of asset transfers in their reported greenhouse gas emissions reductions.  

The practical information hub for asset owners looking to invest successfully and sustainably for the long term. As best practice evolves, we will share the news, insights and data to guide asset owners on their individual journey to ESG integration.

Copyright © 2024 ESG Investor Ltd. Company No. 12893343. ESG Investor Ltd, Fox Court, 14 Grays Inn Road, London, WC1X 8HN

To Top