Shareholder Pressure
The ExxonMobil lawsuit represents a first of its kind but is happening against the backdrop of a wider pushback against climate activism by energy companies.
A group of 27 investors, including Europe’s largest asset manager, have filed a shareholder resolution that calls on Shell to align its operations with the Paris Climate agreement.
Announcements of divestments that go viral on social media have a disproportionate impact on carbon intensive firms by causing oil major shares to tank.
The world-first Client Earth Shell lawsuit will have a ‘snowball’ effect, prompting other shareholder activist groups to take similar actions, say commentators.
A group of major investors led by activist shareholder Follow This have filed climate resolutions at four Big Oil companies.
It began as the International Energy Agency (IEA) published a landmark report setting out what it will take for the world to reach net zero by 2050.