As annual shareholder meetings rapidly approach, oil companies are feeling increased pressure from shareholders about climate change, and while a few are responding by edging in the direction of more transparently dealing with the issue, many continue to reject the shareholder requests outright. And none have revealed business plans that scale back on extracting the product that drives climate change.
Shareholders have continually put forward resolutions aimed at reducing greenhouse gas emissions, adjusting their business models and reducing methane releases. Investors are increasingly asking companies to align their operations to meet the Paris Agreement target of limiting global temperature rise to well below 2 degrees Celsius.
The world’s largest oil companies, including Exxon, Shell, Chevron, ConocoPhillips and BP, are responding to that pressure in varying degrees. Some are publicly supporting climate change-related resolutions, while others have vowed to block investors from voting on certain proposals.