• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 1 hour Could Someone Give Me Insights on the Future of Renewable Energy?
  • 8 days How Far Have We Really Gotten With Alternative Energy

Church Of England Dumps All ExxonMobil Stock

The Church of England Pensions Board divested this week all its shares in ExxonMobil since the U.S. supermajor has failed to set targets to cut Scope 3 emissions—those generated by the products it sells—a spokesperson for the board told Bloomberg on Thursday. 

The Church of England Pensions Board, which manages more than US$3.62 billion (2.8 billion British pounds) in assets, has been one of Exxon’s shareholders that has consistently called on the oil giant to report emissions and provide a pathway to reduce emissions from its operations and the products it sells to customers.  

“Exxon failed to meet the index criteria which embeds the latest assessment by the Transition Pathway Initiative (TPI), and as a result the board is disinvested from Exxon,” the spokesperson for the board told Bloomberg.

While European oil majors have started to report the so-called Scope 3 emissions and have committed to reduce them over the next decades, Exxon hasn’t done that, drawing criticism from its investors, including the Church Commissioners for England and BlackRock.

BlackRock, for example, pushed for more climate action and transparency at Exxon and Chevron, after the world’s biggest asset manager said earlier this year that it would place sustainability at the center of its investment approach.

“As we have discussed during our most recent conversations with Exxon Mobil Corporation (Exxon), we continue to see a gap in the company’s disclosure and action with regard to several components of its climate risk management,” BlackRock said in its rationale for voting contrary to Exxon’s board’s recommendations at its shareholders’ meeting this year.

After Exxon’s meeting, Edward Mason, Head of Responsible Investment for the Church Commissioners for England, said:

“Exxon needs to join its peers and set out a strategy for transition to net zero emissions. Investors will not tolerate a board that is not capable of steering a course consistent with the goals of the Paris Agreement.”

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News