Peak ESG behind us: Investors throw out climate fantasies
By Joanne Nova |June 7th, 2023|57 Comments
How times have changed. After the energy crisis of 2022, investors at major oil and gas firms are spurning climate activism. A year ago, nearly a third of investors at Chevron and Exxon voted for the draconian “Scope 3” emissions targets. These targets are ludicrous — requiring the oil and gas giants to adopt a plan to reduce third-party use of their own products. It’s like a form of corporate sabotage.
This year, only about 10% of the same investors voted for these measures. And apparently, there’s a similar trend on the other side of the Atlantic, with BP and Shell investors rejecting activism too.
This is a very encouraging sign that the dominance of BlackRock et al is waning — they are bullying the world with other people’s money, and word is spreading now that the US states fight back.
ESG Blowback: Investors Reject Climate Measures at Exxon, Chevron
By Collin Eaton and Jenny Strasburg, The Wall Street Journal
The votes were abysmal for climate activists. According to preliminary results, All but two of the 20 shareholder proposals for the two companies garnered less than 25% of investors’ votes, with some performing much worse than similar proposals put forward last year.
https://www.cfact.org/2023/06/07/peak-esg-behind-us-investors-throw-out-climate-fantasies/
