Investors With $10.4 Trillion Assets Urge Big Oil To Tackle Climate Change

Large global investors—representing a combined US$10.4 trillion worth of assets under management—urged oil and gas companies on Friday to start acting responsibly in tackling climate change, putting pressure on Big Oil ahead of several upcoming annual general meetings.

In an open letter to the Financial Times, 60 large institutional investors are calling upon oil and gas companies to do more to support climate goals.

“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 the investors including Aberdeen Standard Investments, Axa Investment Managers, BNP Paribas Asset Management, and Fidelity International, among others.

“As long-term investors, representing more than $10.4tn 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 said.

Shareholders attending Shell’s meeting next week will be asked to vote on whether the supermajor should set strict carbon emission targets. Shell has recommended that its shareholders vote against such resolution that an activist climate group wants passed.

“Regardless of the result at the Shell AGM, we strongly encourage all companies in this sector to clarify how they see their future in a low-carbon world,” the global investors said in their letter in the FT.

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According to the investment firms, companies should make specific commitments to significantly cut carbon emissions and explain how their investments are compatible with reaching the Paris Agreement goals.

“We will continue our oversight and dialogue with oil and gas companies to better understand how the investments we make on behalf of our clients are aligned with a sustainable future,” the investors said.

“Investors are embracing their responsibility for supporting the Paris agreement. It is time for the entire oil and gas industry to do the same.”

By Tsvetana Paraskova for Oilprice.com

Source: Investors With $10.4 Trillion Assets Urge Big Oil To Tackle Climate Change

24 thoughts on “Investors With $10.4 Trillion Assets Urge Big Oil To Tackle Climate Change

  1. A good direction.

    For the life of me, I don’t understand why fossil fuel didn’t lead the way in developing renewable energy technologies and systems. They could have remained leaders of the energy industry, and now be making tons of “green” money. Not to mention their major contribution to the destruction of the planet, they get an F- in business. Too stupid to adapt, they need to be destroyed.

    Liked by 1 person

    • Interesting question, JoAnn. I know they all hold renewable energy patents. To my knowledge, Shell is the only one investing at all deeply into renewable energy development. Fossil fuel companies are also getting squeezed by banks at the moment. The latter are more and more reluctant to lend for 20-30 year energy generation projects when they see more and more consumers switching to low cost renewables.

      Liked by 2 people

    • It will be interesting to see how the annual meeting turns out, Rosaliene. It looks like the institutional investors might have the numbers to win this shareholder resolution – it would definitely be a first.

      Liked by 1 person

  2. you and I and many others understand the story behind the term “fossil fuel.” I refer to one in particular, a video with Colonel Fletcher Prouty, where he says that the term was invented by Rockefeller, I believe, as another small mind-control scheme, to impress the public with the scarcity of petroleum. Russian and Ukrainian scientists did not accept that idea, and didn’t explore in the same type of geologic regions as the US, yet, their success rate was 20% more effective than those of Standard Oil. So I have read.
    I also read, several times, that over 700 scientists unconnected with the US guv signed a letter to Obama stating that a mere 6% of global warming -which was the term before some genius switched to “climate change,” so as to explain all the below-freezing temps in summer.
    I respect your opinion, but I do not agree that colder/hotter bizarre change is due to carbon dioxide, when there is more than enough evidence/proof of geoengineering -weather creation and influence/manipulation by NASA, in this country, as well as the UK, Germany, and who knows how many others..
    Lastly, when Obama and ‘Francis the talking fool’ are partners you can bet that there is some heavy chit being fed to the willing and gullible public. They are both accomplished liars, no worse than Hillary and the Big Orange.
    Gracias.
    Joe

    Like

    • Thanks for your comment, JoeB. I honestly don’t think there’s any way to quantify how much the changing climate relates to increasing greenhouse gasses (CO2 is just one of them) and how much it relates to geoengineering – mainly because I don’t think there’s any way at present to quantify (ie collect clear data) on the effects of geoengineering. Ironically it was the Republican spin doctors under George W Bush who changed the narrative from “global warming” to “climate change.”

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  3. There is enough chemical, nuclear, methane, co2 pollution to do god knows what. RADIOACTIVE KRYPTON FROM MELTDOWNS AND BOMBS HAS CHANGED THE ATMOSPHERE. Tritium from ractors has similar effects. Mr. Expert joe comes along, and says Trumpo is better than obama, my bs meter goes off. They both suck. 

    To refine oil all sorts of heavy metal and radioactive byproducts are left. Refined gasoline has radium, polonium, and thorium in it.the rest of the radioactive sludge , heavy metal sludge, goes back into the environment. It also has lead and arsenic. To cornucopian conmen like Joe, it is alright to have islands of plastic garbage, the size of texas, in the oceans. Its alright to burn hyrdrocarbons till 300 million americans are drinking radioactive, heavy metal water. It is ok to keep burning shit, till peopl cannot breath anymore, and everything is so contaminated, you cannot grow anything anymore.
    The poles are melting, ocean levels rising. I have been to the artic and seen it with my own eyes! That doesn’t matter though Joe, right? Thwt is not what is says on the internet.  Trump troll, climate denialist joe-joe. All the bells and whistles. All the innuendos. The whole sky,  would have to be covered with chemtrail grids constantly for geoengineering. For a ttrol, petro shill you use twisted arguements.  

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    • I’m more inclined to agree with your perspective on the issue of burning fossil fuels, Betty. At the same time the fossil fuel industry (and their media lapdogs) are doing their darnedest to make sure the public is totally confused by conflicting information.

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    • betty, if you take all the emotion out of your comments, what is left? I think a meter went off, sure enuff’, but it was your bowels signaling the need of a good flush.. You may be caught in the “this means that” mind control trap. Any mention that there are more contributors to changing climate than “fossil fuels” triggers an attack of diarrhea of the mouth. YOU remarked that it is alright to burn trash, allow radiation in the air, etc; not I.
      Do a little research on geoengineering, betty. Geoengineeringwatch.org. According to credible scientists, the chemicals that are injected into the atmosphere remain there for at least six months, but not are obvious “persistent jet trails.” Check out the many U tubes by John Brennan: he describes SRM in a detailed manner. “Weather Warfare.”
      Whether it is called fossil fuel or another phrase only matters IF the public was deceived for all these years by the elites. My comment should have said that ALL leaders are liars, perhaps not equally, but liars nonetheless. I don’t trust Trump any more than I do anyone else, including the pope -neither of whom are a scientist any more than I or you..
      If solution lies in emotional rants and exaggerations, you are on the right path.
      joe

      Like

        • Rabbit hole alert. Let us forget about, the chemicals, the pesticides, the GMOs, the plastics. Let us forget about the wars ,over oil, for petroleum products and more petroleum to burn. Let us forget other real issues, like fukushima and nuclear war. Let us obsess about chemtrails. There probably are some attemps at geoengineering but massive petrleum pollution and wars over petroleum are here .

          The thousands of openair nuclear bomb blasts, and massive radionuclide pollution is a type of accidental geoengineering. The nucliarists will not talk about it. Massive amounts of Krypton 85 from bombs, fukushima, ongoing nuclear reactor emissions. Massive amounts of tritium doxide are dumped into the atmosphere and water, when water comes into contact with the nuclear fuel bundles, in the 400 reactors an several nucler subs, ships, research reactors around the world. The nuclearists will not talk about it. Tritium dioxide is like water, it goes into the atmosphere, like water vapor. Tritium is radioactive hydrogen, so it ionizes everything it comes into contact with. The guy joe does not say he is againt wholesale petroleum burning and production that pt massive amounts of radionuclides like radon, polonium, thoriium, into the environment. It also effects crucial sytems in the oceans like pH, plankton, and gasseous partial pressures.
          Quadrillions of gallons, of petroleum products, now burned annually. They are also converted to chemical poisons and plastics in and after the refining processes. Joe says nothing about this.

          His focus is chemtrails.

          Like

  4. Thanks for the link – that’s really pretty scary. They’re saying if we allow all this plastic to degrade, our bodies will be overwhelmed by millions and billions of microscopic plastic particles.

    Like

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