• Gustavo Bernal Torres

Is This A Turning Point For Big Oil?

Three oil giants suffered separate blows in one day, marking what one analyst called “the start of a new era” for the industry.

  • Royal Dutch Shell suffered the first blow, as a civil court in the Netherlands ordered the company to cut its carbon dioxide emissions 45% below 2019 levels by the end of the decade.

  • Then, at the annual shareholder meeting of Exxon Mobil Corp. in Dallas, a comparatively tiny activist hedge fund -Engine No. 1- seeking to shift the oil giant away from fossil fuels and toward renewables won two seats on the board of directors.

  • Finally, climate-concerned shareholders at Chevron Corporation’s annual investor confab voted to force the company to make a plan to cut emissions generated from the use of its product ― making the Texas firm responsible for the pollution its customers create when burning oil and gas.

Source: https://www.huffpost.com/entry/big-oil-climate_n_60aea7f6e4b0a256831b5d3a

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