A watershed week underscoring climate risks for oil and gas multinationals has heightened doubts around multi-billion dollar new projects and the investments needed to underpin a gas-fired recovery.
The International Emergency Agency has argued that the development of oil, gas and coal needed to stop in order to combat global warming. Many shareholders have come.
Activist investor ousts at least two Exxon directors in historic win for pro-climate campaign kitv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitv.com Daily Mail and Mail on Sunday newspapers.
On May 26, a Dutch court ruled that Royal Dutch Shell must cut its greenhouse gas emissions by 45 percent by 2030. While the landmark decision does not apply outside of the borders of the Netherlands, it was a historic blow to the oil major and could have far-reaching implications for the global energy transition.
Shell was not the only oil major coming under intense scrutiny. On the same day, ExxonMobil’s CEO Darren Woods was fighting for his job and seeking to fend off an attempt by activist investors to sack members of his board. The battle is another sign that the energy transition is gaining steam.