Oakland, California—May 14, 2019—The biggest Dutch investor, Aegon Netherlands and Aegon Asset Management Netherlands, announced this week its support for nine shareholder climate resolutions, including As You Sow’s Chevron Paris-aligned business transition proposal and a petrochemical resiliency proposal filed with Exxon.
The Chevron proposal asks the company to report on its planning, if any, to reduce and align its greenhouse gas emissions, including Scope 3 product emissions, with global climate goals. Through the proposal, shareholders seek decisive action from Chevron to reduce its ongoing climate impact at the rate and pace necessary to help avoid catastrophic climate change.
Shareholders are now realizing the steep costs of climate change including a more volatile economy; supply chain disruptions; shortages of water and other natural resources; agricultural declines; increasing infrastructure costs; reduced employee productivity, and more. The PG&E bankruptcy is just one example of how a company’s net worth can be unexpectedly devastated by climate-related impacts, harming shareholder portfolios.