Axios

Exxon shareholders, bucking company management, voted to install at least two new members to the oil giant's board in a push to make Exxon more aggressive on addressing climate change and more disciplined in its oil investments.

Why it matters: Exxon management campaigned strongly against the entire slate of four people nominated by Engine No. 1, the activist investment group whose campaign was backed by several major pension funds.

In a precedent-setting ruling, a Dutch court ruled Wednesday in favor of environmentalists and more than 17,000 residents of the Netherlands, by ordering Royal Dutch Shell to cut its emissions of greenhouse gases.

Why it matters: It’s the first court ruling that orders a major oil company to make its emissions plans more consistent with Paris Climate Agreement targets, and it could spur legal action against other oil and gas firms.

Ford announced Wednesday plans to invest $30 billion in vehicle electrification efforts by 2025, and the company said it anticipates that 40% of its global sales by 2030 will be fully electric vehicles, per a news release.

Why it matters: Ford CEO Jim Farley said the new initiative — called "Ford+" — is the company's largest opportunity for growth since "Henry Ford started to scale the Model T," signaling just how lucrative Ford leaders think the electric vehicle market will become.

Bills aimed at trapping industrial carbon emissions or pulling CO2 directly from the atmosphere are piling up in Congress — and instead of the usual gridlock, some of them may actually gain momentum.

Why it matters: Scientists say that these emerging technologies, neither of which is economically available at scale, are going to be needed in potentially large amounts in order for the U.S. to go from the second-largest emitter of greenhouse gases, to a nation that absorbs more carbon than it releases.

More than a dozen Republican state treasurers are threatening to pull assets from large financial institutions if they agree to decarbonize their lending and investment portfolios, Axios has learned.

Why it matters: The Biden administration — led by special presidential climate envoy John Kerry — has leaned on the banks to help reduce U.S. carbon emissions. That's prompted GOP lawmakers to criticize efforts to "de-bank" fossil fuel firms. The treasurers collectively control hundreds of billions worth of assets.

The Department of Energy announced Tuesday it will invest up to $14.5 million in research and development to help reduce single-use plastic waste and the energy needed to recycle such materials.

Why it matters: Single-use plastics, like plastic bags and cling film, make up the largest source of plastic in U.S. landfills and are some of the most difficult types of plastics to recycle, the department said.

The Interior and Defense Departments have identified a region off the California coast that can support major offshore wind development that's consistent with military testing and training in the area, the White House said.

Why it matters: The Biden administration is looking to spur large-scale offshore wind development as part of its wider goal of decarbonizing U.S. power generation.

Microsoft announced on Tuesday that it is teaming up with Github, Accenture and Thoughtworks to establish a nonprofit aimed at cutting emissions across the software industry.

Why it matters: Software is an overlooked factor partly responsible for driving up carbon emissions from the tech sector. Companies that develop software used across the IT industry, including Microsoft, need to address this in order to fulfill their own ambitious climate goals.

Exxon is pledging more board additions ahead of a showdown with activist investors pressing for more aggressive moves on climate change and capital discipline on oil development.

Why it matters: The move comes just ahead of Wednesday's annual meeting, when shareholders will vote on whether to approve four board members nominated by the investment group Engine No. 1.

The world's growing efforts to limit climate change will have far-reaching impacts for financial markets, and the groundwork for that push is being laid right now.

Why it matters: As more governments implement climate change regulations, trillions of dollars are going to flow towards clean energy and climate-friendly technologies, affecting significant portions of the global financial industry.

The White House is providing fresh details of a major satellite program that administration officials call poised to reveal vital information about climate change and extreme weather events.

Why it matters: Known as the "Earth System Observatory," the program consists of at least five satellites to be launched through 2029 that will enhance, or in some cases revolutionize, the capabilities of the space agency's existing fleet of Earth-observing satellites.