‘Cataclysmic day’ for oil companies sparks climate hope
Court and investor defeats over carbon emissions a historic turning point, say campaigners and lawyers
A “cataclysmic day” for three major oil companies in which investors rebelled over climate fears and a court ordered fossil fuel emissions to be slashed has sparked hope among campaigners, investors, lawyers and academics who said the historic decisions marked a turning point in efforts to tackle the climate crisis.
A Dutch court on Wednesday ordered Shell to cut carbon emissions from its oil and gas by 45% by 2030. A tiny activist investor group simultaneously won two places on ExxonMobil’s board and Chevron’s management was defeated when investors voted in favour of forcing the group to cut its carbon emissions.