Shareholders rebuked the top two U.S. oil companies on Wednesday for dragging their feet on fighting climate change, while a Dutch court ruled that Royal Dutch Shell needs to accelerate cuts to greenhouse gas emissions.
Investors, court deliver ‘stark warning for Big Oil’ on climate
Shareholders rebuked the top two U.S. oil companies on Wednesday for dragging their feet on fighting climate change, while a Dutch court ruled that Royal Dutch Shell (LON:RDSa) needs to accelerate cuts to greenhouse gas emissions.
“Yesterday was a stark warning for Big Oil,” said Bess Joffe, of the Church Commissioners for England, which manages the Church of England’s investment fund, with executives “being held to account by investors and lawmakers.”
Exxon Mobil (NYSE:XOM) lost at least two board seats to an activist hedge fund, shareholders at Chevron (NYSE:CVX) endorsed a call to further reduce its emissions and a court deemed Royal Dutch Shell’s emissions targets insufficient.
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