Enlarge / Oil processing towers and gas processing infrastructure stand at the Exxon Mobil Corp. (credit: Dimas Ardian/Bloomberg via Getty Images)
On Wednesday, 62.3 percent of investors in oil giant Exxon Mobil voted for the company to produce an annual report on the impacts of climate change policies on the company’s business. The resolution, which was opposed by Exxon leadership, passed by a large margin compared to last year, when a similar resolution garnered only 38 percent of the investor vote.
According to a copy of the resolution posted by Ceres, a nonprofit sustainability organization, the investors want Exxon to “publish an annual assessment of the long-term portfolio impacts of technological advances and global climate change policies.” They also instruct the company to annually assess the financial risks of “a scenario in which reduction in demand results from carbon restrictions and related rules or commitments adopted by governments consistent with the globally agreed upon 2-degree target.”
Although Wednesday morning reports suggested that US President Donald Trump will leave the Paris Agreement signed by the Obama administration to limit greenhouse gases, the European Union and China have reaffirmed their commitment to the agreement, and Exxon is a global company that will be affected by the multinational agreement.
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