Black Wednesday for three oil companies





It was a bad week for three big oil companies which culminated with news on Wednesday. In an article in The Guardian called
“‘Black Wednesday’ for big oil as courtrooms and boardrooms turn on industry” by Jillian Ambrose, ExxonMobil, Shell, and Chevron all received a message they need to do better in complying with actions to combat climate change.

A link to the article is below. Here are a few select paragraphs that give you the gist.

“The world’s patience with the fossil fuel industry is wearing thin. This was the stark message delivered to major international oil companies this week in an unprecedented day of reckoning for their role in the climate crisis.

In a stunning series of defeats for the oil industry, over the course of less than 24 hours, courtrooms and boardrooms turned on the executives at Shell, ExxonMobil and Chevron. Shell was ordered by a court in The Hague to go far further to reduce its climate emissions, while shareholder rebellions in the US imposed emissions targets at Chevron and a boardroom overhaul at Exxon.

‘There is no doubt that this week’s news has been not so much a shot across the bows as a direct hit to the hull of Big Oil,’ says Mark Lewis, the chief sustainability strategist at BNP Paribas Asset Management. ‘They will have to recognise now that no amount of patching up the hole will do; shareholders and society want the vessel completely overhauled.’

‘It was honestly a really emotional moment,’ says Jasper Teulings, the former general counsel for Greenpeace International. The ruling by the Dutch court ordering Shell to cut its emissions by 45% within the next 10 years ‘shifts the debate’ and could influence courtrooms across the globe, he told the Guardian.

‘It makes clear that the onus is on the industry to act, and that it can be held accountable to take very specific steps. It’s very relevant in legal terms because the ruling was very pure in its demand: it’s not about money, it’s about conduct. It was astutely reasonable,’ he says.”

This is a major step forward for those fighting to corral and reverse climate change. The shareholder actions are indicative of a movement that started making strides in 2017 requiring three energy companies to inform shareholders of their progress in addressing climate change.

Let’s hope management is listening. With the removal of a couple of board members, that is a clear sign they better.

https://www.theguardian.com/environment/2021/may/29/black-wednesday-for-big-oil-as-courtrooms-and-boardrooms-turn-on-industry