Wednesday 13 April 2016

ExxonMobil urged to disclose climate change impact

ExxonMobil urged to disclose climate change impact

Around 30 institutional investors is to support a proposal urging ExxonMobil to disclose the impact of climate change policy on its business.

The investors, with a total of more than $6 trillion (£4.2tn) of assets under management, said they will vote for the motion filed by the Church Commissioners for England and New York State.

They are urging the oil firm to disclose how resilient its portfolio and strategy would be under a globally agreed plan to limit warming to 2°C.

The investors supporting the motion include AXA Investment Management, BNP Paribas and New York City Retirement Fund.

Edward Mason, Head of Responsible Investment for the Church Commissioners said: "We are delighted with the scale of support this resolution has received so far. The resolution is part of a much wider trend following the Paris Agreement for investors to ask companies to improve disclosure on how they are positioned for the risks and opportunities posed by climate change."

More than 130 countries are expected to sign the Paris Agreement to tackle climate change next week.

ELN has contacted ExxonMobil for a comment.

Written by

Bruna Pinhoni

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