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Illustration: Eniola Odetunde/Axios

Investment behemoth BlackRock is using its shares to push U.S. oil majors harder on climate, efforts that come months after BlackRock joined the advocacy group Climate Action 100+ and announced a new sustainability strategy.

Driving the news: BlackRock, citing concerns about Exxon's climate posture, yesterday voted against re-election of two members of Exxon's board and in favor of a resolution to create an independent board chair.

  • However, the members were re-elected and the push for an independent chair failed.

Why it matters: The votes nonetheless represent an escalation of BlackRock's push for Exxon to do more at a time when European-based majors are more active than their U.S. peers.

One level deeper: Yesterday BlackRock also used its shares to help pass a resolution, against the recommendation of Chevron's management, that prods the company to reveal more about its climate-related lobbying.

  • BlackRock cited the need for "greater transparency" into Chevron's approach, noting that Chevron says it backs the Paris climate deal.
  • More transparency "will help articulate consistency between private and public messaging in the context of managing climate risk and the transition to a lower-carbon economy," BlackRock said.

What they're saying: The shareholder advocacy group Majority Action, in a statement on the Exxon and Chevron votes, said BlackRock's vote at Chevron's meeting "was decisive in swinging the result to majority support."

But, but, but: "While these votes are important steps towards BlackRock fulfilling its new climate commitments, they do not constitute anywhere near the scale of overhaul BlackRock must undertake to systematically address climate risk across its outsized holdings," the group said.

Go deeper

Amy Harder, author of Generate
Aug 6, 2020 - Energy & Environment

Coronavirus hastens Big Oil's Atlantic divide on climate change

Illustration: Aïda Amer/Axios

The pandemic is accelerating a divide between European and American oil companies over climate change and clean energy.

Why it matters: Bottom lines and investor returns will be vastly different across the corporate spectrum depending on how aggressively the world tackles climate change in the coming decades.

Updated 2 hours ago - Politics & Policy

Arizona GOP's private recount of 2020 election confirms Biden's win

Contractors working on behalf of the GOP examine and recount 2020 ballots at Arizona Veterans Memorial Coliseum in Phoenix in May. Photo: Courtney Pedroza/Getty Images

In an odd coda to the 2020 election, private contractors conducting a GOP-commissioned recount in Arizona confirmed President Biden’s win in Maricopa County.

Why it matters: The unofficial, party-driven recount has been heavily covered on cable news as part of former President Trump's continued effort to sow doubt about the election result.

Del Rio bridge camp empty following Haitian migrant surge

A boy bathes himself in a jug of water inside a migrant camp at the U.S.-Mexico border on Sept. 21 in Del Rio, Texas. Photo: John Moore/Getty Images

The last migrants camping under the Del Rio International Bridge, which connects Texas and Mexico, departed on Friday, Homeland Security Secretary Alejandro Mayorkas announced during a White House press briefing.

Driving the news: Thousands of migrants, mostly from Haiti, had arrived to the makeshift camp after crossing the southern border seeking asylum. Roughly 1,800 migrants will now head to U.S. Customs and Border Protection processing centers.

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