Oil & Gas News
Read news articles, blogs and press releases about the oil and gas industry and sustainability issues such as carbon emissions, chemicals and toxins, water scarcity and fossil fuels.
‘Climate Risk’ Proposals Gaining Steam
May 11, 2016
- Shareholder resolutions urging Exxon Mobil and Chevron to disclose more information about how they would be affected by climate policies are gaining support. Climate-related resolutions have never exceeded 35% in votes at the annual meetings of Exxon or Chevron but investors are increasingly interested in assessing the risk that climate could pose to their portfolios.
Statement on the Occidental Shareholder Vote
May 09, 2016
- Momentum is building in the U.S. for better climate disclosure. Investors and analysts continue to send strong signals that Paris marked a turning point on climate action. On Friday, Occidental Petroleum announced the results of voting on a 2 degree stress testing resolution at its annual meeting, and yet again the votes represented a high-water mark on investor support for climate risk reporting in the U.S. reaching 48.99% of votes cast.
Shareholder pressure mounts on downgraded ExxonMobil
Apr 28, 2016
- A growing list of major investors is backing calls on ExxonMobil to acknowledge climate risk, after its credit rating was downgraded on Tuesday. British insurer Aviva and Seattle’s public pension fund are among the latest to declare their support for a shareholder resolution to be considered at next month’s AGM. California’s CalPERS, New York City Pension Fund and the Church of England are also in favour.
Investors Worth $3.6 Trillion Support Joint U.S. and Canadian Announcement on Limiting Methane Emissions from the Oil and Gas Industry
Apr 20, 2016
- As attention turns to the Paris Agreement signing ceremony on Friday, leading global investors, representing $3.6 trillion in assets under management, released a statement of support today for U.S. and Canadian efforts to limit methane emissions from the oil and gas sector. This represents more than a doubling of support since July 2015.
Even Saudi Arabia Is Preparing For The End Of Oil
Apr 04, 2016
- The world’s dependence on oil is fading, and Saudi Arabia doesn’t want to get left behind. The kingdom will build a $2 trillion sovereign wealth fund to slowly but unmistakably transform its economy for a post-oil world, Bloomberg reported Friday morning.
Major brand companies across industries filing legal brief supporting EPA’s Clean Power Plan
Apr 01, 2016
- Four global brand companies with significant energy footprints in nearly every state in the country are filing an amicus brief today in the U.S. Court of Appeals for the D.C. Circuit supporting the U.S. Environmental Protection Agency’s Clean Power Plan aimed at reducing carbon pollution from the nation’s electric sector.
Exxon Must Hold Shareholder Vote on Climate Change Resolutions, SEC Says
Mar 28, 2016
- One measure calls on Exxon to take moral responsibility for climate change and adopt a policy to limit average global temperature increases. A second would compel the oil giant to explain how its business would be affected by the worldwide commitment to slowing climate change. They are among seven resolutions on global warming proposed for Exxon's May 25 annual meeting.
Shareholders Press Suncor on Climate Policy and Political Lobbying
Mar 17, 2016
- Shareholders are pushing Canada’s dominant oilsands player to provide more detail on two sticky topics: its plans to thrive under tougher climate policy and its political lobbying.
Ceres Commends U.S.-Canadian Agreement on Climate and Energy and the Arctic
Mar 10, 2016
- Investors and companies are concerned that methane emissions pose a serious threat to climate stability, accelerating the rate of warming in the near term and threatening infrastructure and economic harm. Curbing this air pollution from existing sources as well as new facilities will help confront climate change while also promoting economic growth and regulatory clarity.
Investors Raising Heat on Fossil Fuel Companies and Their Strategies for Emerging Low-carbon Economy
Mar 07, 2016
- On the heels of a historic global climate agreement in Paris, investors have filed a record number of shareholder resolutions this year with major U.S. energy companies asking them to disclose their strategies for competing in a global economy that is shifting towards clean energy and away from fossil fuels.
Warren Buffett Is Wrong About Climate Change
Feb 29, 2016
- In an annual letter to investors in his conglomerate Berkshire Hathaway, Warren Buffet fought back against a proposed shareholder resolution demanding his insurance subsidiaries measure and disclose the risks that climate change poses to their business and how the company is responding to the threat.
In Exxon's Latest Annual Report, It's Business as Usual on Climate Change
Feb 26, 2016
- ExxonMobil's annual report to stockholders this year may be more noteworthy for what the fossil fuel giant didn't say about global warming than for what it did say. In the document's legally mandated discussion of risks to the business, Exxon didn't disclose that the New York State attorney general is investigating whether the company violated shareholder and consumer protection statutes in its communications about climate change over almost four decades.
Shareholders Ask the SEC: Stop ExxonMobil’s Attempts To Block Climate Resolutions
Feb 26, 2016
- Now is just not a good time to be ExxonMobil. Five shareholders, led by New York state’s comptroller, asked the U.S. Securities and Exchange Commission to reject the oil giant’s plan to block a climate change shareholder resolution. Filed in December, the shareholder resolution requests that by 2017 Exxon publish an “annual assessment of long-term portfolio impacts of public climate change policies.”
New York asks SEC to force climate vote onto Exxon proxy
Feb 24, 2016
- New York state's comptroller and four other Exxon Mobil shareholders asked the U.S. Securities and Exchange Commission this week to force the oil producer to include a climate change resolution in its annual shareholder proxy, according to a filing seen by Reuters.
Investors Ask SEC to Reject Exxon's Attempt to Silence Questions on Climate Change
Feb 24, 2016
- Investors, led by New York State Comptroller Thomas P. DiNapoli and the Church of England’s investment fund, asked the Securities and Exchange Commission (SEC) to reject ExxonMobil’s plan to block a shareholder proposal for information on how the company will be impacted by public policies seeking to rein in climate change.
Statement from Ceres president Mindy Lubber regarding yesterday’s Supreme Court ruling temporarily staying EPA’s Clean Power Plan
Feb 10, 2016
- Ceres strongly disagrees with the Supreme Court's decision to stay the Clean Power Plan while litigation proceeds. Over 365 businesses and investors support the Clean Power Plan and they're backing their words with deeds.
New report: $12.1 trillion must be invested in new renewable power generation over next 25 years to limit climate change
Jan 29, 2016
- To reach the level of investment in new renewable power generation needed to avert dangerous climate change, $12.1 trillion of investment will be needed over the next 25 years, which is $5.2 trillion above business-as-usual projections, a new report by Ceres and Bloomberg New Energy Finance concludes.
Drop In Oil Prices Complicates Effort To Combat Climate Change
Jan 28, 2016
- Replacing fossil fuels with renewable energy to combat climate change will require trillions of dollars in investment. Cheap prices for fossil fuels are making that transition a bit more complicated.
Fossil Fuels Are A Terrible Investment, And They're Only Going To Get Worse
Jan 28, 2016
- The market is encouraging pension funds and institutions to jettison fossil fuels from their portfolios, waving a clear warning flag to investors about the financial future of oil and coal companies.
UN urges business leaders to double investment in green energy by 2020
Jan 27, 2016
- The United Nations urged global business leaders on Wednesday to double investment in wind and solar energy to $600bn a year by 2020. Business leaders were challenged to act decisively to hasten the transition away from the fossil fuel economy.