Shareholders on Wednesday the two largest U.S. Oil company, reported, because they adapt too slowly in the fight against climate change, at the same time, a Dutch court has ruled that Royal Dutch Shell must accelerate the reduction of greenhouse gas emissions.
On Thursday, an Australian court ruled that the country’s environment minister has an obligation to children to consider the damage caused by climate change as part of her decision to approve the expansion of a new coal mine.
Exxon Mobil lost at least Two board Seats to an activist hedge fund and the Chevron shareholders backed a call to further reduce its emissions.
Court takes action against Big Oil
The increased focus of investors on climate issues could Forcing oil and gas companies toto rethink how quickly they turn to other forms of energy and when the Oil and gas companies do not do this themselves, they are now even obliged to do it by courts. For example, the Dutch court ordered Shell to reduce its carbon dioxide emissions by 2030.
But even without dishes, “Big Oil”is doing more and more. In a stunning blow to Exxon’s top management shareholders elected two candidates for change to their Board of Directors and approved measures, which Annual reports on climate and grassroots lobbying efforts require. Activists could still win a third seat, with some votes still to be counted.
After the meeting, CEO Darren Woods said Exxon had heard the desire of shareholders to drive forward efforts to reduce carbon emissions and cut costs. “We are well positioned to respond,” he said.
Chevron shareholders supported the company’s demand to reduce emissions from the end use of its fuels, with 61 percent supporting the petition. Another resolution calling for a report on the business impact of achieving net zero emissions by 2050 was supported by 48 percent of the votes cast.
Investors have Protests against the slow pace of change in registered, but company executives need to evaluate how to implement non-binding resolutions.
The votes signal a new sense of urgencysaid Mark Van Baal, who heads a climate advocacy group that passed resolutions calling for emissions reductions at Chevron, ConocoPhillips and Phillips 66. All received at least 58% support.
Investors say: “We want you to reduce emissions now and not in the distant future””
Future damage to oil and gas companies
Regardless, the Decision of the Federal court of Australiathat the government must take into account the effects of climate change when deciding on the approval of the expansion of a new coal mine, also of great importance.
That Verdict came in response to a class action by eight teenagers, which argued that expanding Whitehaven Coal Ltd’s Vickery project in the state of New South Wales would contribute to climate change and threaten their future.
In his decision, Justice Mordecai Bromberg said that the Australian Environment Minister could foresee the possibility of future harm to the children in this case from the increase in carbon dioxide emissions from Whitehaven’s expansion and therefore must recognize a so-called duty of care or morality. However, the court did not issue an injunction to prevent the minister from approving the extension.
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