Exxon and Chevron shareholders’ meetings reject climate resolutions to control CO2
Overwhelming majorities of ExxonMobil and Chevron shareholders rejected all proposals and resolutions related to climate change prevention at the two US multinationals' annual general meetings on Wednesday.
Shareholder support for disclosure of climate risks and a stronger commitment to reduce emissions has been lower this year than at last year's general meetings of both the oil and gas giants.
At Exxon, shareholders have rejected all climate-related resolutions, some by overwhelming majority, according to preliminary proxy voting results.
It seems clear that climate activism is going out of fashion very quickly, at least in the US.
Only 1.6% of shareholders voted in favor of establishing a new board committee on decarbonization risk and only 5.2% supported the proposal for a supplemental report on carbon capture and storage and on emissions.
The proposal to set a Scope 3 emissions target and reduce hydrocarbon sales was rejected with 89.5% against and 10.5% in favor. Proposals for a report on the social impact of the energy transition and for GHG reporting on an adjusted basis were also rejected with more than 80% of votes against.
At Chevron, according to the preliminary results of the vote , 90.4% of the votes cast were against the proposal to set a medium-term goal for reducing greenhouse gas emissions under Scope 3. Furthermore, 98.4% % of the votes cast were against the proposal to set a medium-term greenhouse gas emission reduction target.
In addition, 98.4% of votes cast voted against the proposal to establish a Board Committee on Decarbonization Risk, while 81.4% of votes cast voted against the proposal to report on the impact on workers and on the community of plant closures and energy transitions.
Prior to the meetings, the boards of Chevron and Exxon said in their voting explanations that the world would need oil and gas in the energy transition.
“ In our view, this proposal reflects the proposer's underlying goal of reducing the supply of oil and natural gas at a time in the energy transition where there are no viable alternatives at scale. It is overly prescriptive and incorrectly applies to an individual company a metric intended to measure the company's progress in reducing emissions ,” Exxon said.
Chevron, for its part, said: “The journey to a lower carbon future will still require oil and gas as part of the energy mix in almost any scenario, particularly in sectors that have no effective substitutes, such as travel. aviation, heavy transport and industrial activities, all of which contribute to scope 3 emissions ”.
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The article Exxon and Chevron shareholders' meetings reject climate resolutions to control CO2 comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/le-assemblee-dei-soci-di-exxon-e-chevron-respingono-le-risoluzioni-climatiche-per-il-controllo-del-co2/ on Thu, 01 Jun 2023 10:30:57 +0000.