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World's Largest Asset Manager Doubles Down Against Climate Change

World's Largest Asset Manager Doubles Down Against Climate Change

Andrew Behar, CEO of As You Sow, a nonprofit organization dedicated to increasing environmental and social corporate responsibility, said in a statement, “It is positive to hear BlackRock make a clear statement on divestment of coal; however we do not see the same rhetoric about oil and gas or the banks that fund continued extraction of fossil fuels. Let’s see if their ESG funds are actually fossil free, including no coal-fired utilities, and if BlackRock votes their shares in support of Paris [climate accord] compliance and net-zero shareholder resolutions.” Read More →

EnergyAsYouSowJanuary 16, 2020Bernice Napach, climate, climate change, BlackRock

Climate Is Changing. Investing Needs to, Too, Says BlackRock

Climate Is Changing. Investing Needs to, Too, Says BlackRock

NEW YORK — A changing climate means dramatic risks for the world — and for investments too, the chief of the world’s largest investment manager said Tuesday. Read More →

EnergyAsYouSowJanuary 16, 2020Stan Choe, Associated Press, climate, climate change, BlackRock

BlackRock’s Fink pressed to take action over words in dumping fossil fuels

“Larry Fink has always had a large megaphone and his pronouncements on climate have been important, [but] we need to see action from BlackRock — from supporting climate-related shareholder proposals, to offering fossil-free options in 401(k) funds, to ensuring wide access to, and promotion of, passive funds that tilt away from fossil fuel-based energy,” said Danielle Fugere, president and chief counsel of As You Sow, a nonprofit shareholder advocacy firm focused on environmental issues and social corporate responsibility. Read More →

EnergyAs You SowJanuary 16, 2020Rachel Koning Beals, climate, clim, BlackRock

Shareholders Demand More Climate Disclosures As SEC Moves to Restrict Them

Shareholders Demand More Climate Disclosures As SEC Moves to Restrict Them

“Reducing greenhouse gas emissions at the margins, while continuing business as usual as Exxon and Chevron are doing, is not a successful long-term business plan, especially when competitor companies are implementing new paths to thrive in a low-carbon economy,” said Danielle Fugere, president of As You Sow, sponsor of resolutions demanding Chevron and Exxon align their business models with the goals of the Paris Agreement. Read More →

EnergyAs You SowJanuary 13, 2020climate, climate change, climate resolution, Karen Savage, SEC, exxon, exxon resolution, chevron, Chevron, chevron resolution, Chevron shareholder resolution, Exxon shareholder resolution

The climate crisis is changing consumer demand — and corporate investments

The climate crisis is changing consumer demand — and corporate investments

“Investors are quite concerned that companies like Chevron that are producing fossil fuels will continually be caught with assets that they can't sell. If utilities can buy solar at a cheaper rate than natural gas, that will impact Chevron,” said Danielle Fugere, president and chief counsel of shareholder advocacy group As You Sow. Read More →

EnergyAs You SowDecember 30, 2019climate, climate change, chevron, Chevron, chevron write down, Paul Huttner, Megan Burks

From UBS to Goldman Sachs, Major Investors Take a Stand for Climate Action

From UBS to Goldman Sachs, Major Investors Take a Stand for Climate Action

For the global economy to decarbonize quickly, there is no substitute for political leadership from the top.

EnergyAsYouSowDecember 19, 2019Tina Casey, exxon, chevron, climate

Blackrock faces shareholder proposal on Business Roundtable commitments

BlackRock, the world’s largest asset manager, is being called upon in a shareholder proposal to report on how it plans to “fully implement” the recent ‘Statement on the Purpose of a Corporation’ put out by US trade group the Business Roundtable, which was signed by Blackrock’s Chairman and CEO Larry Fink.

EnergyAsYouSowDecember 19, 2019Goldman Sachs, climate, Paul Verney

The coming Wall Street battles over climate change

The coming Wall Street battles over climate change

A pair of events over the past few days offers a preview of upcoming investor efforts to push some of the world's largest companies to get more active on global warming.

EnergyAsYouSowDecember 19, 2019Ben Geman, climate, climate change, Goldman Sachs, exxon, chevron

Behind Walmart’s push to eliminate 1 gigaton of greenhouse gases by 2030

Behind Walmart’s push to eliminate 1 gigaton of greenhouse gases by 2030

As the climate crisis facing the planet becomes more immediate — fueled by powerful images that include devastating floods in Venice and uncontrollable wildfires in the Amazon — companies are waking up to the role they play in climate change and announcing plans for ways to reduce their carbon footprint.

EnergyAsYouSowDecember 19, 2019Pippa Stevens, climate, climate change, walmart

Experts Warn Chevron's $11 Billion Write-Down Portends 'Greater Troubles to Come' for Fossil Fuel Industry

Experts Warn Chevron's $11 Billion Write-Down Portends 'Greater Troubles to Come' for Fossil Fuel Industry

That was the reaction Wednesday from sustainability professional Jessica Davis after oil giant Chevron announced that it was writing down at least $10 billion and as much as $11 billion in assets.

EnergyAsYouSowDecember 12, 2019Andrea Germanos, climate, climate change, chevron, chevron write down, Chevron

Exxon escapes fraud charge, but not climate risks

A New York judge found ExxonMobil not guilty of deceiving investors about how it accounted for the cost of future climate-change regulations.

EnergyAsYouSowDecember 12, 2019Dennis Price, climate, climate change, chevron, Chevron, chevron write down, exxon

Southern, Duke, Dominion targeted over CO2 goals

New York City's chief financial officer has called on three large U.S. utilities to institute an independent board chair in a move intended to help them navigate a transition to a low-carbon economy.

EnergyAsYouSowNovember 25, 2019climate, climate change, Carlos Anchondo

Oil Companies Must Cut Production by 35% to Meet Paris Climate Accord Numbers by 2040: Report

Oil Companies Must Cut Production by 35% to Meet Paris Climate Accord Numbers by 2040: Report

A new report released Friday claims that if fossil fuel companies want to have any chance of hitting Paris Climate Accord numbers by 2040, they will have to cut production by over a third.

EnergyAsYouSowNovember 4, 2019Eoin Higgins, climate, climate change, carbon tracker report

Adam Neumann’s billion-dollar exit package from WeWork is a lesson in giving founders too much control

Adam Neumann’s billion-dollar exit package from WeWork is a lesson in giving founders too much control

Adam Neumann’s eye-popping deal with SoftBank to exit WeWork is being described by corporate governance experts as a prime example of the issues with dual-class shares, where founders or early investors receive “high-voting shares” with voting rights disproportionate to their economic interest.

CEO PayAs You SowOctober 28, 2019climate, Jena McGregor, CEO Pay

Activists thought BlackRock, Vanguard found religion on climate change. Not anymore

Activists thought BlackRock, Vanguard found religion on climate change. Not anymore

In the history of the earth’s climate two years is a infinitesimal blip, but in the recent history of investor-led efforts to push for action on climate change from corporations, two years has meant a great deal.

Shareholder Advocacy, EnergyAsYouSowOctober 14, 2019Eric Rosenbaum, climate, climate change, blackrosk, vanguard

Investors struggle to make US companies change tack on climate change

Investors struggle to make US companies change tack on climate change

Barely a dozen proposals on environmental issues put forward by shareholders reached a vote across 1,500 of the largest US companies, raising questions about institutional investors’ determination to push for meaningful corporate action on climate change.

EnergyAs You SowOctober 14, 2019Chris Flood, climate, climate change

As Big Oil Digs for More Despite Climate Risks, Investor Lawsuits May Grow

As Big Oil Digs for More Despite Climate Risks, Investor Lawsuits May Grow

With the oil industry continuing to invest heavily in projects all but assured to lose money as the world moves toward a lower-carbon economy, as a study published last week shows, investors may increasingly turn to shareholder lawsuits to protect their investments.

EnergyAsYouSowSeptember 16, 2019Dana Drugmand, carbon tracker report, climate change resolution, climate, climate change, climate resolution

Occidental vies to be 'last one standing' in warming world

Occidental vies to be 'last one standing' in warming world

Oil giants themselves have acknowledged that demand for their product will peak at some point as the worldwide transition to electrified transportation and renewable power generation continues.

EnergyAsYouSowAugust 12, 2019Mike Lee, climate, climate change, andarko, occidental acquisition

Oxy's $55 billion purchase of Anadarko Petroleum finalized after bidding war with Chevron

Oxy's $55 billion purchase of Anadarko Petroleum finalized after bidding war with Chevron

A $55 billion deal that saw the merger of two Texas-based oil and gas companies closed Thursday after a months-long bidding war.

EnergyAsYouSowAugust 12, 2019climate, climate change, Adrian Hedden, andarko, occidental acquisition

Exxon Accused of Pressuring Witnesses in Climate Fraud Case

Prosecutors in New York are accusing ExxonMobil of trying to discourage potential witnesses from testifying about whether the oil giant misled investors over the costs it may face from future climate regulations.

EnergyAsYouSowAugust 8, 2019climate, climate change, David Hasemyer, exxon