May 31, 2023 at 11:02 PM Update: 8 minutes ago
Most of ExxonMobil’s shareholders have rejected proposals to force the US oil company to do more for the climate. ExxonMobil is the only one of the five major Western oil multinationals that does not have a climate target for 2030.
One of the rejected proposals was for medium-term targets that include ExxonMobil customers’ carbon emissions. An example of this is the CO2 released into the air by cars that run on petrol from the oil company. That proposal received 11 percent of the vote this year, compared to 28 percent last year.
“It is still very difficult to say where this comes from,” Mark van Baal of Follow This tells NU.nl about the reduced interest in climate among shareholders. Van Baal is the founder of the activist investor collective that submitted the proposals.
“The problem is that apparently 90 percent of shareholders cannot decouple short-term profit from long-term risk,” says Van Baal.
A proposal to make public an oil spill response plan off the coast of Guyana received just 13 percent of the vote. The offshore projects off the coast of the South American country contribute to the rapid growth of ExxonMobil’s oil production.