Shareholders Force Big Oil to Acknowledge Climate Risk — But Are Still Waiting for Action

By Megan Darby, Climate Home News

Oil companies are under more pressure than ever to reckon with their climate impact, this AGM season.

Supermajor Exxon Mobil has published its first assessment of what holding global warming to 2C means for its business, prompted by a shareholder revolt in 2017.

Shareholder activists have moved on to target second-tier companies, winning resolutions to make Kinder Morgan and Anadarko follow suit. Several firms pre-empted a vote by agreeing to their demands.

In Europe, where most oil majors have already produced 2C scenarios, the conversation is turning from disclosure to action.