Shareholders back proposal for another oil major to cut emissions

May 28, 2021 News

Kaieteur News – (https://thehill.com/) Chevron shareholders on Wednesday backed a proposal for the company to cut its emissions.
A spokesperson for the company confirmed to The Hill that a preliminary total for the measure calling for cuts to the company’s “Scope 3” emissions showed 61 percent support.
Scope 3 emissions are those that aren’t directly tied to the company’s fuel production, but rather those that come from activities like consumer use of such fuel.
The support for such a measure shows that shareholders see climate change as a growing concern.
In a statement on the company’s annual meeting, Chairman and CEO, Michael Wirth, also mentioned emissions reductions.
“We’re optimistic about the future as we work to deliver higher returns and lower carbon,” he said.
It’s not the only major oil company to face shareholder pushback on climate on Wednesday.
At ExxonMobil, at least two climate advocate candidates were elected to the company’s board. They were tied to a firm called Engine No. 1 which called for Exxon to make more significant investments in clean energy, using stricter approval criteria for new expenditures and an “overhaul” of management compensation.
Meanwhile, a Dutch court required Shell to cut its emissions by 45 percent compared to 2019 levels by 2030, though the ruling is only enforceable in the Netherlands.

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