• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 10 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 32 mins Starvation, horror in Venezuela
  • 19 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 5 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 6 hours Saudi Fund Wants to Take Tesla Private?
  • 24 hours Venezuela set to raise gasoline prices to international levels.
  • 18 hours Are Trump's steel tariffs working? Seems they are!
  • 2 days Batteries Could Be a Small Dotcom-Style Bubble
  • 2 days Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 2 days France Will Close All Coal Fired Power Stations By 2021
  • 2 days Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
Nord Stream 2 Clears Another Hurdle

Nord Stream 2 Clears Another Hurdle

Russia’s controversial Nord Stream 2…

Why Saudi Arabia Cut July Oil Production

Why Saudi Arabia Cut July Oil Production

Saudi Arabia’s oil production in…

Investors With $10.4 Trillion Assets Urge Big Oil To Tackle Climate Change

Gas station

Large global investors—representing a combined US$10.4 trillion worth of assets under management—urged oil and gas companies on Friday to start acting responsibly in tackling climate change, putting pressure on Big Oil ahead of several upcoming annual general meetings.

In an open letter to the Financial Times, 60 large institutional investors are calling upon oil and gas companies to do more to support climate goals.

“For the Paris climate agreement to succeed, the oil and gas industry must be more transparent and take responsibility for all its emissions. Over the next few weeks some of the world’s largest oil and gas companies will hold their annual shareholder meetings. How these companies are positioning themselves for a low-carbon future will be an important topic for discussion,” said the investors including Aberdeen Standard Investments, Axa Investment Managers, BNP Paribas Asset Management, and Fidelity International, among others.

“As long-term investors, representing more than $10.4tn in assets, the case for action on climate change is clear. We are keenly aware of the importance of moving to a low-carbon future for the sustainability of the global economy and prosperity of our clients,” the investors said.

Shareholders attending Shell’s meeting next week will be asked to vote on whether the supermajor should set strict carbon emission targets. Shell has recommended that its shareholders vote against such resolution that an activist climate group wants passed.

“Regardless of the result at the Shell AGM, we strongly encourage all companies in this sector to clarify how they see their future in a low-carbon world,” the global investors said in their letter in the FT.

Related: 

According to the investment firms, companies should make specific commitments to significantly cut carbon emissions and explain how their investments are compatible with reaching the Paris Agreement goals.

“We will continue our oversight and dialogue with oil and gas companies to better understand how the investments we make on behalf of our clients are aligned with a sustainable future,” the investors said.

“Investors are embracing their responsibility for supporting the Paris agreement. It is time for the entire oil and gas industry to do the same.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Randy Verret on May 21 2018 said:
    So what commitments are CONSUMERS going to make to reduce their CONSUMPTION of a vast array of vital petroleum products? The vilification program of all things fossil fuels continues. Sadly, we are not even up to the starting gate on a rational energy debate, which would include, by imperative, reduction of GHG. The question and consequent challenge really is straightforward: What sustainable, scalable & CLEAN alternatives do we have to replace 95% of our transportation fuels and 85% of our electricity generation if you ELIMINATE fossil fuels & nuclear?
  • steve on May 19 2018 said:
    i commented on a nasa post the other day,being a smart *ss. that,"the other day i had a thought,seeing that mankind is responsible for putting greenhouse gasses into the atmosphere then shouldn't we be responsible to remove them with co2 scrubbers, such as PLANTS.!!" feel free to take my idea and run with it . but on the real more plants mean less green house gasses.
  • Mitch on May 19 2018 said:
    I feel like CO2 emissions isnt that large of an area for the super majors since they arent the ones burning the fuels they produce. Methane emissions, however, is a really big deal in their leaky infrastructure and refining operations. And with methane being 25x worse GHG than CO2 per pound in the atmosphere, it really adds up. Plus its potentially lost revenue.

Leave a comment

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