background image

Big oil vs. green finance: Exxon sues sustainable investment firms

author image

By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: ExxonMobil is suing sustainable investment firms Arjuna Capital and Follow This to prevent a shareholder proposal on emission reduction targets from reaching a vote
The proposal includes addressing "Scope 3" emissions, which are emissions produced by the customers using Exxon's products
Exxon claims the proposal could fundamentally alter or end their business operations

🔭 The context: The proposal reflects a growing trend in shareholder activism focusing on environmental concerns, particularly climate change
This legal battle emerges against a backdrop of increasing political resistance to ESG (environmental, social, and governance) investing, a decline in ESG fund interest, and heightened SEC attention to corporate efforts to block shareholder initiatives

🌍 Why it matters for the planet: The lawsuit spotlights the intensifying debate around corporate responsibility in addressing climate change
If successful, it could set a precedent impacting future corporate approaches to climate-related shareholder proposals and ESG initiatives

⏭️ What's next: The outcome of this legal dispute could either empower shareholders in enforcing climate initiatives or strengthen corporate resistance against such proposals

💬 One quote: "Ultimately, this legal battle is highlighting the growing tension at the intersection of climate change, corporate accountability, and investor activism.” (Betsy Atkins, entrepreneur)

Click for more news covering the latest on sustainable finance

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices

Related Posts

You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)