May 29, 2019 - Energy & Climate

Exxon and Chevron to face investor pressure to do more on climate

Ben Geman

Climate activists in NYC — Climate change activists in New York City. Photo: Spencer Platt/Getty Images

ExxonMobil and Chevron, the biggest U.S.-based global oil giants, will face pressure to do more on climate change at their annual shareholders meetings today.

Why it matters: Investors have been pushing for climate-related commitments on the industry overall, but Exxon and Chevron have been less willing than European counterparts like Shell and BP.

Where it stands: Among other votes, resolutions urging creation of a board committee on climate change will come up at both meetings.

Chevron's investors will also vote on a resolution urging the company to cut carbon "in alignment" with the Paris agreement's temperature goal.

What's next: I'd be surprised if they pass over their boards' recommendations to vote no, but will be watching to see how much support they garner.

Go deeper:

Exxon, Chevron to Face Climate Change Pressure From Investors (Bloomberg)
BP agrees to weigh lobbying group ties

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Exxon and Chevron to face investor pressure to do more on climate

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