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Article

3 Jun 2016

Author:
[editorial] Palm Beach Post (USA)

USA: Shareholders of energy companies increasingly aware of impact of climate change on finances

"Editorial: Climate concerns on rise among energy corporation investors," 29 May 2016

…Three of America’s biggest energy companies held shareholder meetings…And at each, there were votes on resolutions related to climate change. The resolutions didn’t win. But they got a third of the vote or more. And that’s significant. It’s now harder for the corporations to dismiss climate change…Exxon shareholders…brought up a resolution calling…to elect a climate expert to its board and to support the Paris summit consensus…The effort lost, but got 38 percent of the vote. At Chevron’s annual meeting…41 percent of shareholders voted in favor of the company providing an assessment of the portfolio against a scenario where climate change is limited to 2 degrees Celsius. Something is shifting...[I]nvestors increasingly see the need to confront climate change from a financial standpoint…In the U.S., the corporate heads are standing firm, saying oil demand should remain healthy for at least a couple of decades…But the public seems increasingly aware of some other dangers to survival…Floodwaters, indeed, lapping their way into those shareholder meetings. [Also refers to BP, Florida Power & Light Co., NextEra Energy, and Shell.]