Big Oil Faces 200 climate change Resolutions Next Year
Exxon, Anadarko, and their peers, together with huge players in different industries, can face as several as 200 resolutions relating to climate change at their 2017 annual shareowner conferences.
This is according to filings of resolutions that are tracked by Ceres, a non-profit organization of investors, environmental advocacy teams, and businesses. the quantity of climate-related resolutions for 2017 may be a record-high: this year there were 174 of them, 167 in 2015, and 148 in 2014. Most of those have had restricted success.
According to Fund Votes, a research firm quoted by Reuters, since 2014, the speed of success of those resolutions among S&P 500 companies has been regarding 22 %. yet what's perhaps a lot of necessary is that the fact that the quantity of resolutions is rising despite the outcome of the U.S. presidential election.
President-Elect Trump repeatedly laid-off climate change as a hoax and vowed to revive the U.S. energy industry. however once the election, he told the new york Times that he’d have “an open mind regarding climate change.”
The green drive is maintaining its momentum, it seems. On Tuesday, Ceres rumored that a group of large investors from North America, Europe, Asia, and australasia had released an updated edition of a guide regarding investor expectations from oil and gas companies regarding climate change.
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The document details what these investors see as challenges for the energy industry within the context of the Paris agreement, and what moves they expect the businesses to form in addressing environmental challenges.
One of the businesses sure a climate-related resolution is Anadarko petroleum. Shareholders within the company wish it to detail however it'll deal with so-called stranded assets, or higher-cost assets that have become uneconomical to develop at lower oil and gas costs.
Exxon, for its part, once years of climate change denial, might have to welcome an environmental activity to its board, following a resolution to it effect that was passed this year.