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Climate activists want to shift trillions of dollars away from fossil fuels to renewables. They are increasingly targeting corporations, asset managers, and retirement funds with both moral suasion and financial muscle.
Vanguard is drawing fire from climate change activists for not doing enough to use its influence to make the world better.
Vanguard withdrew from a global network of asset managers committed to cutting carbon emissions. The company says it was to preserve independence and prevent confusion. Climate activists say they have bowed to right-wing pressure.
The growing urgency to address climate change and concerns about the financial performance of Exxon Mobil aligned this week to help activist investors place two directors on the company’s board. But it is not clear if the activists can deliver on their dual goals — reducing the emissions that are warming the planet and lifting the profits and stock price of Exxon. The potential tensions between those objectives could doom the investor effort to transform the company and the oil industry. Getting Exxon, a behemoth company with $265 billion in revenue in 2019 and oil and gas fields around th...
The tension between climate goals and lifting Exxon Mobil’s profits could make it difficult for activists to make progress.