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Climate change activist shareholders target US oil giant Chevron | Oil and gas company

A group of climate activist shareholders who led the investor rebellion at Shell and BP will target US oil majors next week Chevron, Carbon emission reduction targets need to be set.

Voting will be the final stage of a shareholder rebellion storm coordinated by Follow this, A Dutch organization that has garnered investor support for production cuts from the world’s largest public oil company.

The Group hopes that investors will pass a shareholder resolution calling for emission reductions at Chevron’s annual meeting on May 26, marking a milestone for campaign participants.

Oil companies are facing growing scientific and political consensus that fossil fuel production must be reduced to prevent catastrophic global heating.International Energy Agency said new oil, gas or coal on Tuesday Development should stop this year If the world is to reach net zero emissions by 2050, the goal set out in the 2015 Paris Agreement.

Follow This founder Mark van Baal at a conference in Berlin in November 2019. Photo: Follow This / Anke Teunissen

But that consensus has not been translated into meaningful action by oil companies. Mark van Baal founded Follow This in 2015 and, with the support of Shell’s shareholders, began to exert internal pressure. Over the last six years, Campaign Group has become a staple of Shell and its largest oil-producing rivals, including the United Kingdom. BP, Norway’s Equinor, and France’s Total.

Amsterdam-based Van Barr first attended Shell’s annual meeting in 2015 and introduced the first shareholder resolution calling for emission reductions in 2016. The resolution received only 2.8% of the vote, but since then support has snowballed and the latest resolution is to vote at Shell’s annual meeting on Tuesday – Won 30% of the votes, A serious rebellion against oil companies by large investors.

He told the Guardian Wednesday that the first reaction to Van Barr’s activities was to “dream.” However, the “favorite” tone of Shell’s early response quickly evolved into serious involvement, from CEO to below. Shell is currently gaining investor support. Plan to achieve net zero by 2050 – But we still want to increase gas production in the short term.

Follow This wants a more specific plan. Last week, we were able to put together 21% of the votes in favor of BP’s short-term carbon emissions target, and support for the Shell resolution at Tuesday’s annual meeting was double that of 2020. The magnitude of the rebellion means that both companies must report to investors why they rejected the offer.

In the United States, major oil producers ConocoPhillips and Phillips 66 have received majority approval in accordance with this resolution calling for emission reduction targets. Attempts to dismiss Chevron’s resolution were thwarted by US regulators.

Trained as a mechanical engineer and previously involved in the sale of refrigerated shipping containers, Al Gore’s Inconvenient truthA groundbreaking film about the climate crisis by the former Vice President of the United States, he decided to focus on climate journalism. However, with no response from the industry, he persuaded him to become an activist investor and force oil company executives to make changes.

“I felt pretty helpless about climate change, as everyone does,” he said. “I didn’t think what I could do would make a difference. It’s the CEO of the fossil fuel industry that can make a difference.”

Follow This currently has four paid employees and approximately 6,000 supporting shareholders throughout the investor base of the target fossil fuel company. It is partially funded by the Rouse Foundation, a charity founded by the wealthy German and Dutch Breninkmeier family.

Van Barr does not believe that oil executives will cause epiphanies and voluntarily reduce fossil fuel mining, but investors are aware of the economic risks of ignoring the climate crisis. Claim that the pressure is moving in only one direction.

“Financial markets do not wait for epiphany. Large institutional investors and shareholders are now aware that they are at stake.”

Climate change activist shareholders target US oil giant Chevron | Oil and gas company

Source link Climate change activist shareholders target US oil giant Chevron | Oil and gas company

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