Shareholders File Resolutions to Press Fossil Fuel Companies on Low-Carbon Strategies, Carbon Asset Risk

Author: Ceres, Published on: 12 February 2014

On the heels of the Investor Summit on Climate Risk at the United Nations, a half-dozen investors...announced the filing of shareholder resolutions with 10 fossil fuel companies, including Exxon Mobil, Chevron, Southern Company, Hess, Anadarko, Devon, Kinder Morgan, Peabody Energy, FirstEnergy and CONSOL Energy seeking an explanation of their strategies for competing as the world moves toward a low-carbon global economy. The resolutions are especially focused on potential carbon asset risk, or the possibility that these companies’ present and future fossil fuel-related assets will lose value as various market factors – such as energy efficiency, renewable energy, fuel economy, fuel switching, carbon pollution standards, efforts to curb air pollution and climate policy – increasingly threaten demand for fossil fuels and related infrastructure. [refers to HSBC]

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Related companies: Anadarko (now part of Occidental Petroleum) Chevron Consol Energy Devon Energy ExxonMobil FirstEnergy Hess Corporation HSBC Kinder Morgan Inc. Peabody Energy Southern Company