Climate activist group Follow This targeted Exxon Mobil Corp (XOM.N) with a shareholder resolution urging it to deepen its carbon emissions reduction targets, ramping up pressure on the oil and gas company over its energy transition strategy.
The shareholder resolution ahead of the 2022 annual general meeting urges Exxon to publish medium and long-term targets to reduce the greenhouse gas (GHG) emissions from its operations and the burning of fuels sold to customers, known as Scope 3 emissions, in order to meet the U.N.-backed targets to limit global warming to below 2 degrees Celsius.
Exxon has successfully blocked attempts to file similar resolutions with the Securities and Exchange Commission during the presidency of Donald Trump. Exxon has not responded to an inquiry on whether it would seek to block the latest Follow This resolution.
Dutch organisation Follow This first targeted Royal Dutch Shell (RDSa.L) in 2016 and later expanded actions to other top oil and gas companies, gaining growing shareholder support. It is the first time it is targeting U.S. companies Exxon and Marathon Petroleum Corp (MPC.N).
[Ron Bousso and Sabrina Valle]