• 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
  • 24 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 39 mins Could Someone Give Me Insights on the Future of Renewable Energy?
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 2 days The United States produced more crude oil than any nation, at any time.

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

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.”

ADVERTISEMENT

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

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