3 June 2021
Pressure and shake-ups for fossil-fuel giants signals of transformation?
With the recent vote to instate climate-forward members to fossil-fuel giant Exxon Mobil, in a direct counter to the wishes of management, has been widely perceived as a sign that companies can no longer remain passive climate issues. The shareholder activism practiced in Exxon Mobil’s case is one example of where the pressure to change may come from. Another can be found in the recent ruling by a Dutch court that Royal Dutch Shell is “obliged” to reduce co2 emissions of its operations by 45% by 2030, as compared to 2019.
These signals show how stodgy climate-negative companies are beginning to be pushed against their will towards sustainability. If this trend continues, it will likely spur others in the field to take heed and act before their hands are forced.