Source: Desmog UK
The annual round of big corporate AGMs is upon us, with mining giant Rio Tinto and big oil companies BP, Shell, Exxon, Statoil and Total all having their meetings around this time of year. That creates an opportunity for shareholder activists that want the companies to clean up their act.
The oil and gas industry and its products account for half of global carbon dioxide emissions. So altering the course of the fossil fuel industry is the key to meeting global carbon targets.
The NGO CDP offers a snapshot of how prepared the fossil fuel industry is for a major low carbon transition. The answer is: not very. It ranked 11 of the largest and highest-emitting global oil and gas companies. According to the report, four out of the eleven are graded ‘E’ for their climate governance and strategy.
This needs to change if the world is going to limit warming to the promised two degrees or lower. Shareholder activism is one strategy to push for that change.