As You Sow Statement on Chevron Corporation’s Annual General Meeting; Two Shareholder Climate Resolutions
MEDIA CONTACT: Cyrus Nemati, (510) 735-8157
As 2018’s annual general meetings press on, attention this week turns to Chevron. Among the shareholder resolutions awaiting a vote on the proxy are two from shareholder advocacy organization As You Sow. One of the proposals highlights the need for the company to better monitor, mitigate, and reduce its methane emissions in light of the significant climate change impact of methane and Chevron’s failure to disclose action to reduce methane in comparison to its peers. The second resolution, co-filed with Arjuna Capital, requests that Chevron report to its shareholders on how the company plans to transition its business model to align with a decarbonizing energy market as low carbon technology advances and the world moves to limit the planet’s warming to under two degrees Celsius.
Danielle Fugere, President of As You Sow, had this to say:
“Maintaining a livable planet will require an ongoing transformation of Chevron’s business model, and that work must begin now. The company’s recent climate disclosures show it is continuing on a path of unsustainably producing and burning as much fossil fuel as it can deliver. While oil and gas will be needed in the future, the reality is that much less will be used. The developing world is moving quickly toward new energy sources and methods of transportation. A gas station on every corner is simply not in the cards. Understanding and finding ways to address these coming changes are critical to shareholders and to the Company.
“Our proposals underscore that shareholders are highly concerned about Chevron’s lagging methane management and the lack of a sustainable pathway forward to proactively aligning its business model with a two degree world.”