U.S. Oil investors back energy transition plans

Houston, May 26 (BNA) Shareholders in ExxonMobil and Chevron Corp. voted on Wednesday in favor of energy transition strategies proposed by the largest US oil producers, after similar support for the climate plans of European oil companies.

This year’s major oil producers reversed the scenario and won investors the latest steps to reduce carbon emissions, as concerns about energy security and fuel prices overshadowed environmental concerns at this year’s meetings, Reuters reported.

Just 33% of Chevron shareholders and 28% of Exxon voted in favor of climate proposals put forward by activist group Follow This at Wednesday’s annual shareholder meetings.

Chevron holders voted against a proposal to take tougher action on addressing emissions from consumers burning its fuel, known as Scope 3.

At Exxon, the results marked a significant turnaround from last year when activist investors took three seats on its board, a significant governance milestone. Since then, the company has committed $2.5 billion annually to projects to reduce its emissions.

“One-third is shareholder rebellion. Together with these investors we have to persuade other investors to vote for the Paris Alliance as well,” said Mark van Pal, founder of Follow This, referring to Chevron’s vote.

Investors’ more supportive stance for the administration coincides with higher energy prices this year and follows greater efforts by producers to transition to low-carbon fuels.

Shareholders earlier blocked proposals to accelerate carbon emissions cuts at oil and gas producers Total Energy, BP Plc, Shell, Occidental Petroleum Corp. and ConocoPhillips.

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