Exxon Lawsuit Forces Pro-Climate Investors to Drop Shareholder Resolution

Exxon decried shareholder provision "driven by an extreme agenda" despite fact that nearly half of large companies surveyed were prepared to publicly report their scope 3 emissions
February 2, 2024
red and white stop sign under blue sky during daytime
Photo by Justin Unsplash

From Common Dreams

Select quotes:

  • Dutch group Follow This and investment firm Arjuna Capital had planned a shareholder vote on an expansion of Exxon’s emissions targets, which would have included “scope 3,” requiring the company to reduce emissions produced by those who use its products.
  • Exxon also said in its court filing that Follow This and Arjuna were “driven by an extreme agenda,” despite the fact that nearly half of large companies surveyed by Morning Consult last year said they were prepared to publicly report their scope 3 emissions, which climate advocates have said are key to reducing a company’s overall impact on planetary heating.
  • Exxon surprised observers by filing its lawsuit in Texas’ Northern District; the company is based in Houston, within the jurisdiction of the state’s Southern District. Some critics posited the choice was made so the case could be heard by right-wing U.S. District Judge Reed O’Connor…

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Read the full post at Common Dreams.

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