Environmentalists want more transparency for investors on the ecological impact of bio-fuels, which are promoted as an alternative to fossil fuels.
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US-based oil and gas major Chevron has attempted to undercut a shareholder rebellion by announcing plans to align its business strategy with the Paris Climate Agreement, vowing to cut greenhouse gas emissions by 25% to 30%. However, the company’s promises do not fully meet investor demands.
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HOUSTON (Reuters) - Chevron Corp plans to set greenhouse gas emissions targets and tie executive compensation and rank-and-file bonuses to the reductions, the oil major said in its latest climate report released on Thursday.
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Chevron Corp. vowed to cut greenhouse gas emissions in alignment with the Paris Accord on climate change, potentially averting a shareholder rebellion at its annual general meeting.
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BP will report more about its company strategy to align with the Paris Agreement that calls for steep reductions in greenhouse gas emissions to fight climate change.
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Less than two months after Royal Dutch Shell bowed to shareholder pressure from institutional investors, European rival BP has followed suit, agreeing to support a shareholder resolution that calls for it to report and provide evidence that its longterm strategy is consistent with the goals of the Paris Agreement.
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Remember that massive rate hike proposed last November by Charlotte, North Carolina-based Duke Energy? We do …
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Per the Global Impact Investing Network (GIIN), "[i]mpact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return."
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WASHINGTON - Exxon Mobil is pressing the Environmental Protection Agency to maintain key elements of the Obama administration policy restricting methane emissions from oil and gas drilling.
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A year ago, Royal Dutch Shell, now the largest oil company in the world, acquired NewMotion, a company with thousands of electric car charging points throughout Europe. A month later, Shell started installing fast chargers at some of its largest gas stations. In late October, the company started installing ultrafast chargers that can fully charge the newest electric cars in 10 minutes.
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Last week, I participated in the 2nd Conference on Fossil Fuel Supply and Climate Policy at the University of Oxford in England.
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According to The Star newspaper in Kenya, GE is reconsidering its investment in the Lamu coal plant, following a letter sent to the company by a group of 56 institutional and individual investors, as well as advocacy groups, As You Sow and Proxy Impact, calling on the company to reconsider its recent decision to acquire a 20 percent stake in the plant. Lamu is one of Kenya’s top tourist destinations and home to a UNESCO World Heritage Site.
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"Chevron has lagged behind its peers on implementing and disclosing methane best practices for too long. Shareholders today recognize Chevron's progress, but underscore the importance of demonstrating on-the-ground change on this important climate change issue," Ms. Fugere said.
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What we’re hearing: The methane resolution is likely to pass the 50% mark because similar votes have passed at other companies. Getting this support likely indicates company adoption of whatever the non-binding proposal calls for.
The other vote is unlikely to pass, according to Danielle Fugere, president of nonprofit As You Sow, which filed the resolution on behalf of some Chevron investors. This is in part because it’s going a step further and asking for strategy change.
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Companies that might be tempted to see the current administration's behavior as an excuse to delay acting on climate risks should be cautious—administrations change, and the oil and gas industry in particular is built on investments that require weighting risks decades into the future, said Danielle Fugere, president of As You Sow, a non-profit shareholder advocacy organization.
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The existence of the reports represents the start of slow change at these companies, said Danielle Fugere, president of the nonprofit As You Sow, which tracks shareholder proxy fights. Even if the reports are tailored to bolster companies’ profit outlook, she said they provide information to investors that can ultimately strengthen the case for divestment.
“Even when a company doesn’t necessarily give you the response you want, their response gives you information, and that’s the real goal,” she told HuffPost. “Obviously the oil and gas companies haven’t changed what they do, but from an investor perspective, even getting them to think about how they can transition is good.”
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According to Fugere, Exxon is unlikely to continue to escape shareholder pressure.
“I’m sure shareholders will continue to ask the company to address this issue of how it’s preparing for a low-carbon economy,” she said. “Right now, Exxon’s [Energy and Carbon Summary] report argues there will still be sufficient demand, and the company will continue to provide oil so long as there’s sufficient demand.”
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“Market forces continue to show that the new energy economy is not only a growth sector, but continues to outperform fossil fuel-based energy ,” said Andrew Behar, CEO of As You Sow and report co-author. “We are living through the ‘Great Transition’ as capital flows drive the path to averting climate catastrophe.”
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“Look at the long list of car companies and countries that have stated that electric transport ONLY is in the near future; look at the price of renewable infrastructure and batteries dropping,” Andrew Behar, CEO of As You Sow, and co-author of the report, told Oilprice.com. “This is the classic example of commodities vs. technology.”
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