BERKELEY, CALIFORNIA—MAY 31, 2023—Today, 18% of ExxonMobil and Chevron’s shareholders, based on preliminary numbers announced by the companies, voted in favor of resolutions calling on the companies to begin accurately disclosing the role of asset transfers in their reported greenhouse gas emissions reductions.
The resolutions come in response to growing concern about the problem of “transferred emissions.” Investors are seeking to ensure that companies are not claiming credit for reducing emissions when they, in fact, simply sold polluting assets to companies that will continue operating them, in some cases while emitting even greater quantities of greenhouse gasses. The resolutions were filed by individual shareholders with the support of shareholder representative As You Sow.
Danielle Fugere, president of As You Sow, made the following statement:
“A significant segment of investors have made it clear today that they expect the largest American oil and gas companies to be transparent about the real-world impact of their emissions targets. With today’s votes, investors underscore that they seek clear and accurate reporting from Exxon and Chevron on whether they are meeting their targets and reducing their contribution to climate change.”
