The world's largest oil company is being pressured by major shareholders to take action on climate change.
Institutional investors with an estimated $1.9 trillion under management, led by the New York State Common Retirement Fund (NYSCRF) and the Church Commissioners of England (CCE), filed a shareholder resolution calling on ExxonMobil to set targets for lowering its greenhouse gas emissions, covering emissions from both its operations and the use of its products.
The NYSCRF is the third largest public pension fund in the U.S., with assets of $207.4 billion as of March 31, and the Church of England's investment fund manages investable assets of some £8.3 billion ($10.5 billion), according to the comptroller's office.
Their move—made a day after the critical COP24 climate summit in Poland wrapped up—is similar to the direct shareholder pressure applied to Royal Dutch Shell. After some hard resistance, Shell became the first energy giant earlier this month to set short-term greenhouse gas reduction targets, linking them to executive pay.
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