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☆ U.S. investors rebuff big oil climate shareholder resolutions
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based activist group Follow This was created first to target Shell (SHEL.L) and subsequently expanded to file climate resolutions at other western majors including BP (BP.L), Exxon Mobil (XOM.N), Chevron (CVX.N) and TotalEnergies (TTEF.PA). According to the data published by it and investors, giant U.S. investors BlackRock (BLK.N), Vanguard, State Street (STT.N) and JPMorgan (JPM.N) all voted against the Follow This resolutions this year. "Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil. Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis,” said Follow This founder Mark van Baal. This mirrors big shareholder proxy voting firm Glass Lewis and ISS, which changed some of their recommendations for this year to the detriment of Follow This, including withdrawing support for the activist resolution at Chevron.

Persons: Morgan Chase, Mike Segar, France's, ”, Mark van Baal, Glass Lewis, Shadia Nasralla, Jan Harvey Organizations: Co, New York City, REUTERS, Companies Allianz, Big U.S, Shell, BP, Exxon Mobil, Chevron, BlackRock, Vanguard, State, JPMorgan, Paris, Britain's HSBC, HSBA.L, UBS, Germany's Allianz, Big Oil, Amundi, Allianz, Britain's, General, Exxon, ISS, Thomson Locations: New York, Big, Paris, Netherlands, Chevron's

[1/2] United Nations Secretary-General Antonio Guterres addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. The summit will feature speeches from leaders who are responding to his call to "accelerate" global climate action, including Brazil, Canada, the European Union, Pakistan, South Africa and Tuvalu. Guterres said one of the aims was to spur action from countries and companies whose climate plans were not in line with the global climate target. U.S. Special Envoy on Climate Change John Kerry will attend the summit but will not deliver a speech, a spokesperson said. China's mission to the United Nations and UAE did not immediately respond for comment.

Persons: Antonio Guterres, Brendan McDermid, General Antonio Guterres, Guterres, John Kerry, Selwin Hart, I'm, Valerie Volcovici, Stephen Coates Organizations: United Nations, General Assembly, REUTERS, Companies Allianz, UNITED, Ambition, United Arab Emirates, European Union, Allianz, World Bank, International Monetary Fund, California ., Reuters, UN, Assembly, UAE, Thomson Locations: New York City, U.S, China, United States, Brazil, Canada, Pakistan, South Africa, Tuvalu, London, California, California . U.S, Paris

"The move from fossil fuels to renewables is happening – but we are decades behind," Guterres said at the start of the one-day summit. "We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels." Those not invited to speak were the world's two top polluters - the United States and China – though U.S. Special Envoy on Climate Change John Kerry was in the audience. "This climate crisis is a fossil fuel crisis," he said, drawing applause from the heads of state and others in the room. "Climate change is a top priority for my administration," Thavisin told the gathering, his country having recently created a climate change ministry.

Persons: Antonio Guterres, Mike Segar, Guterres, John Kerry, China's U.N, William Ruto, Ruto, Gavin Newsom, Srettha Thavisin, Thavisin, Sultan Ahmed al, Jaber, COP28, Mia Mottley, Ursula von der Leyen, Pushpa Kamal Dahal, Valerie Volcovici, Katy Daigle, Howard Goller Organizations: United Nations, General Assembly, REUTERS, Companies Allianz, General, United Arab Emirates, Thailand's, FINANCE, Security Council, Allianz, World Bank, International Monetary Fund, Fund, Thomson Locations: New York City, U.S, COP28, Dubai, Brazil, Canada, Pakistan, South Africa, Tuvalu, United States, China, California, UAE, Barbados, Ukraine

That risk has been put under the spotlight by the burning car carrier drifting off the Dutch coast. While all logistics companies deal with the risk of EV lithium-ion batteries burning with twice the energy of a normal fire, the maritime industry hasn't kept up with the developing technology and how it creates greater risk, maritime officials and insurers said. There were 209 ship fires reported during 2022, the highest number in a decade and 17% more than in 2021, according to a report from insurer Allianz Global Corporate & Specialty (AGCS) (ALVG.DE). The European Maritime Safety Agency said in a March report the main cargo types identified as responsible for "a large share of cargo fire accidents included ... lithium-ion batteries." Firemen typically put out EV battery fires on roadsides by clearing the area around the burning vehicle and flooding the underside with water, something difficult to do on a RoRo, Dillon said.

Persons: hasn't, EVs, Shoei, Nathan Habers, Douglas Dillon, John Frazee, Marsh, Dillon, Frazee, KVNR's Habers, Joe Biden's, Lisa Baertlein, Anthony Deutsch, Victoria Waldersee, Ben Klayman, Diane Craft Organizations: Allianz, ANGELES, Dutch coastguard, RTL, Allianz Global Corporate, Specialty, Maritime Safety Agency, Royal Association of Netherlands, Tri, Maritime Safety Association, Auto, Firemen, EV, International Maritime Organization, Reuters, Thomson Locations: AMSTERDAM, Dutch, EVs, Delaware, Pennsylvania, New Jersey, China, Europe, Los Angeles, Amsterdam, Berlin

☆ China poses greatest risk to Europe's carmakers - Allianz Trade study
▼ + stars: | 2023-05-08 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

Companies Allianz SE FollowTesla Inc FollowLONDON, May 9 (Reuters) - Chinese-made electric vehicles (EVs) pose the greatest risk to Europe's carmakers and could cost them 7 billion euros ($7.7 billion) a year in lost profits by 2030 unless policymakers take action, according to an Allianz Trade report. Europe's carmakers face a dual threat from the prospect of falling sales of their own vehicles in China, where local EV makers have been growing market share, and from rising sales of imported Chinese EVs - made by Chinese or Western carmakers. A crowded market for all-electric SUVs in China is putting pressure on local carmakers to export more vehicles to Europe. "The stakes are high for Europe's automotive industry: four out of five cars sold in Europe are assembled locally," the report added. The report said the U.S. Inflation Reduction Act (IRA) had made Europe a target for Chinese exports.

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