Has the public finally woken up to the inherent absurdity of the energy sector in the United States and the West in recent years? A recent vote on ESG and climate-related shareholder initiatives at the annual board meeting of a major oil company suggests that is likely.
Although it has generally received little attention in the traditional news media, financial times recently reported Such a shareholder initiative was overwhelmingly rejected by ExxonMobil and Chevron shareholders, with most shareholder support falling below 10 percent, he said. Similar efforts over the past few years have typically garnered support in the 30-40 percent range, with a minority of those gaining majority support.
of financial times A petition calling on ExxonMobil to set emissions targets in line with the 2015 Paris Climate Accord reportedly received just 11 percent of the vote, while Chevron shareholders supported a similar proposal by less than 10 percent. It says. The same initiative announced last year garnered 33% and 28% support from both companies, respectively. (Related: Suzanne Downing: ‘Wake Bubble’ is about to burst)
“It is incomprehensible that most investors still accept the U.S. supermajors’ refusal to cut emissions over the last decade,” FT quoted Fordis founder Mark van Barr after the vote closed. bottom.
Van Barr may not understand everything, but there is no doubt that tangible changes are underway. Just two years ago, ExxonMobil shareholders became ESG maniacs and voted to include three ESG-focused candidates backed by ESG investment firm Engine No.1 on the company’s board. It’s important to remember that Apparently, that enthusiasm has now waned among ExxonMobil and Chevron investors, leading to speculation that changes in investor sentiment may reflect changes in the overall population.
This is a trend among shareholders that is not limited to large US-based companies.Investor sentiment at both Shell and BP board meetings this year I got similar results. Despite loud and near-violent protests, with some protesters attempting to rush to the stage where Chairman Andrew Mackenzie was speaking at the start of Shell’s annual meeting, Shell proposed The transition plan received 80% support from shareholders. As of April, just 17% of BP shareholders supported an initiative that would force the company to adopt a plan to cut emissions more rapidly than had already been planned.
Whether or not these votes reflect changes in public attitudes, they undoubtedly reflect changes in public comment from management of these major oil and gas companies. Following both the World Economic Forum meeting in Davos in January and the annual CERAWeek meeting in Houston in February, these events saw company CEOs discuss the production of oil and gas and its components. I wrote about the new focus on the core business of , refining and marketing. product. This was in stark contrast to the more ESG and climate-focused statements made at the same event over the past five years. (Related: David Blackmon: The climate lobby is openly plotting to steal our freedoms)
Both Chevron and ExxonMobil have also presented aggressive plans to their boards to increase investment in domestic and global oil and gas businesses, with Chevron recently announcing a $6.3 billion acquisition of shale producer PDC Energy. bottom. BP CEO Bernard Rooney announced big news in his January. announced His company has long prioritized investments in renewable energy, but said it plans to refocus capital spending on its core oil and gas business. Shell Chief Executive Officer Wael Sawan also made headlines in early spring with a similar effort.
Such changes among business owners, investors, and the general public do not make logical sense, creating higher energy costs and discouraging consumers from using conveniences such as gas stoves. It has long been seen as an inevitable consequence of the policy environment that has consistently denied: A catastrophic event such as a power outage. Ultimately, it was inevitable that the public would begin to make connections between policies and their impact on everyday life.
These votes show that this awakening is finally happening. Woe to policy makers who cannot adjust accordingly.
David Blackmon is an energy writer and consultant based in Texas. He spent his 40 years in the oil and gas business, specializing in public policy and communications.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.
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