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.