Investors Urge Big Oil to Tackle Climate Change

Large global investors—representing a combined $10.4 trillion worth of assets under management—urged oil and gas companies to start acting responsibly in tackling climate change and put pressure on Big Oil. Big Oil refers to the world's six largest publicly traded oil and gas companies, namely BP plc, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell plc, Total SA and Eni SpA. Sixty large institutional investors are calling upon oil and gas companies to do more to support climate goals, Oil Price reported.

“For the Paris Climate Agreement to succeed, the oil and gas industry must be more transparent and take responsibility for all its emissions. Over the next few weeks, some of the world’s largest oil and gas companies will hold their annual shareholder meetings. How these companies are positioning themselves for a low-carbon future will be an important topic for discussion,” said investors, including Aberdeen Standard Investments, Axa Investment Managers, BNP Paribas Asset Management and Fidelity International, among others.

“As long-term investors, representing more than $10.4 trillion in assets, the case for action on climate change is clear. We are keenly aware of the importance of moving to a low-carbon future for the sustainability of the global economy and prosperity of our clients,” the investors added. Shareholders attending Shell’s meeting next week will be asked to vote on whether the supermajor should set strict carbon emission targets.