Big Oil’s big climate showdownMonths of tensions between oil majors and activist investors could reach a boiling point at the annual meetings of Exxon Mobil and Chevron Wednesday, as the U.S. giants pump record levels of crude and sit on bumper profits.
Activists’ efforts to pressure Big Oil to clean up its polluting ways are faltering.
Last week, climate change protests rocked Shell’s annual meeting in London.
Exxon could face an even fiercer battle this week — not only with the activist investors it is suing, but from powerful institutional investors as well.
They include Norway’s huge sovereign wealth fund, and CalPERS, the California pension fund, both of which strongly oppose Exxon’s attempt to quiet some of its most vocal climate critics.
Persons:
Vivienne Walt
Organizations:
Exxon Mobil, Chevron, DealBook, Exxon
Locations:
U.S, London, Dutch, Norway’s, California