Breakthrough victories for climate advocates lead to day of reckoning for Big Oil

Breakthrough victories for climate advocates lead to day of reckoning for Big Oil

descriptive image of divest from fossil fuels illuminated signage

Joe Brusky / Flickr / CC BY-NC 2.0

Outlets and analysts used a variety of words and phrases to describe developments in the oil and gas sector Wednesday, but the consensus was clear: rebel shareholders won breakthrough victories over Exxon and Chevron while a Dutch court wrecked Shell. (Some outlets were even more succinct.)

All told, it was a breakthrough, no good, very bad, watershed day of reckoning for Big Oil and Gas. The shareholder wins over Exxon and Chevron show the increasing power of investment managers to force businesses and CEOs to pursue environmental and social goals, and the Dutch court’s decision could set a new precedent that oil companies must dramatically change in order to meet Paris Agreement pledges.

You May Also Like:

*****
Back To Front Page