Yesterday’s events regarding the large oil companies shows that money talks and b.s. (Bad Science) walks as noted in three headlines:
- A Bad Day for Big Oil – Washington Post
- Climate Activists Defeat Exxon in Push for Clean Energy – New York Times
- Climate activists hail breakthrough victories over Exxon and Shell – Financial Times
For some time there have been numerous groups working to organise shareholders to take action on climate change. This work led to stunning successes at the annual meeting of Exxon Mobil where at least two directors were elected to encourage Exxon Mobil to address climate change. These directors were not supported by management but rather by shareholders who are concerned about the impact of climate change. Of interest was the support these insurgent directors received from large investment managers including those responsible for passive investing (Vanguard, BlackRock, etc.).
But the success at Exxon Mobil was just one of three yesterday where large oil companies will be required face their responsibility for climate change. The shareholders of Chevron, supported a resolution that the company must substantially reduce its climate impact. And a Dutch court ruled that Shell was required to substantially reduce its emission impact. 26 May 2021 will be remembered as a day when money via investors impressed on oil companies that their strategy of ignoring climate change is no longer sustainable.
