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Investor Group To Hit Exxon On Climate

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Investor group Follow This plans to file climate resolutions with Exxon Mobil Corp and Marathon Petroleum Corp for the first time, following up on shareholder support at other US companies this year.

The group is planning to bring motions with at least eight American and European fossil fuel producers for their annual general meetings in 2022, demanding more stringent emissions targets to help achieve the world’s goals of the Paris climate agreement.

Pressure on Big Oil is turning a notch higher as activists successfully tap into growing discontent among investors about Big Oil’s role in climate change.

A stunning victory came last year with little-known Engine No. 1 changing the make-up of Exxon’s board, while key institutional investors have turned their backs on Royal Dutch Shell Plc’s fossil fuel operations.

“From the courtroom, to the lab and on the balance sheet, the consensus is clear: oil majors need Paris-aligned decarbonization strategies that reduce emissions in the short-term,” Follow This said in a statement.

“In 2022, voting must compel oil majors to set Paris-consistent” targets to reduce pollution from their own operations and put in place “deep cuts in absolute emissions reductions by 2030.”

Follow This began filing climate resolutions at Shell in 2016. Over the years it has targeted others in Europe such as BP Plc, Equinor ASA and TotalEnergies SE.

The group moved across to the US this year for the first time, filing motions at Chevron Corp., ConocoPhillips and Phillips 66 which got the backing of 58 percent to 80 percent of shareholder. Chevron has since committed to an “aspiration” of net-zero emissions from its operations by 2050.

It has already filed resolutions with Shell, BP, Chevron, Conoco, Phillips 66 and Occidental Petroleum for their shareholder meetings next year.

The group is awaiting Equinor’s in-house resolution before deciding whether to put one forward. It has also collaborated with an institutional investor on a climate motion for Valero Energy Corp.

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