• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 56 mins WTI @ 67.50, charts show $62.50 next
  • 11 mins Mike Shellman's musings on "Cartoon of the Week"
  • 2 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 5 hours Venezuela set to raise gasoline prices to international levels.
  • 10 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 32 mins Batteries Could Be a Small Dotcom-Style Bubble
  • 12 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 5 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 11 hours Corporations Are Buying More Renewables Than Ever
  • 28 mins Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day California Solar Mandate Based on False Facts
  • 16 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Exxon, Chevron Under Climate Change Scrutiny in Norway

Norway’s $870 billion sovereign wealth fund (SWF) is the largest in the world, and it’s now planning to use its prowess to force supergiants Exxon Mobil and Chevron to report more about the effects of climate change on business, both in terms of risk and opportunity.

The Norwegian SWF has said it would endorse proposals meant to compel Chevron and Exxon Mobil to report more on risks climate change policies have on their business.

“We encourage companies to consider the sensitivity of their long-term business strategy and profitability to different future regulatory and physical climate scenarios,” the fund said.

Related: Oil Prices Fall Back as Rally Hits a Ceiling

“One such scenario should consider the successful implementation of policies to limit the likelihood of temperatures rising above 2 degrees Celsius…We want them to be open about their climate strategy and their dialogue with regulators,” it added.

On Tuesday, the fund, which owned 0.78 percent of Exxon and 0.85 percent of Chevron at the end of 2015, said it would vote in favor of shareholder proposals, opposed by both companies' boards, which would require them to report more fully about the risks and opportunities of a changing climate.

The fund has previously supported similar proposals. Last year, the SWF took a similar approach with Royal Dutch Shell Plc and BP Plc, prompted by pressure from shareholders, so the addition of Exxon and Chevron was not unexpected.

Related: Why The Petrodollar Is Facing Its End

The proposal will be put to a vote at the annual general meetings of Exxon Mobil and Chevron on May 25, 2016. If adopted, the proposals would require the companies to report on the long-term impact on their business of possible public climate change policies--up to 2035 for Chevron and up to 2040 for Exxon Mobil.

The fund's chief executive, Yngve Slyngstad, said many companies were planning to cut their greenhouse gas emissions by 40 percent in coming years to help achieve goals set at the December Paris summit on climate change. Companies "have to explain if they don't intend to reduce their emissions to that extent," he added.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News