Stock holders have retreated from climate targets over energy security concerns, activists say
Investors with combined assets of €1.3 trillion have demanded that the world’s biggest oil companies take swifter action to cut greenhouse gas emissions.
Shareholder activist group Follow This filed resolutions with Shell, BP, Exxon Mobil and Chevron, urging them to align their 2030 emissions targets with the Paris Agreement. It was joined by investors including Edmond de Rothschild Asset Management, Degroof Petercam Asset Management and Achmea Asset Management. While they each manage billions of dollars, they hold less than 0.1% in the four oil firms, data compiled by Bloomberg show.
“Despite net-zero-by-2050 targets, none of these four oil majors are even close to Paris-aligned emissions reductions plans for 2030,” he said, calling for stricter short-term goals.
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