The world's largest oil-and-gas companies are going green. At least that's what they're saying.
Companies like Exxon Mobil and Shell have pledged to reduce their emissions, and have publicly adopted plans to disclose risks climate change poses to their core businesses. After bowing to shareholder pressure, Exxon said in an SEC filing this month that it will report the impacts that climate change and environmental policies have on the company.
The disclosure would include implications of the 2 degrees Celsius warming limit set by the Paris Climate Agreement in 2015, as well as how the company is positioning its business for a "lower-carbon future." Shell, one of Exxon's largest competitors, is taking its climate commitment a step further. The conglomerate announced earlier this month a pledge to reduce its net carbon emissions 20 per cent by 2035, and 50 per cent by 2050.
A whopping 63 per cent of the Exxon's shareholders supported the proposal for the company to disclose how climate change will affect its business, though Exxon initially rejected the proposal. Vanguard is one the largest shareholders in Exxon.
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