Top Posts
Death toll from Mokwa flood rises to 153
Scientists say nearly 40% of the world’s glaciers...
Nigerian government seeks alignment of NDC climate action...
German court dismisses climate case against RWE
WHO Climate Change action plan approved
Report: World likely to breach 1.5°C limit in...
At Bonn climate talks, Brazil demands early deals...
Researchers warn Africa could face 113 million climate...
LAPO MfB launches tree-planting initiative to fight climate...
Stiell says new NDCs are about growth, antidote...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

LGIM joins forces with US investor to challenge ExxonMobil’s climate plans

by Matthew Eloyi April 17, 2023
written by Matthew Eloyi April 17, 2023
500

ExxonMobil’s climate plans are being challenged by the largest asset manager in the UK, Legal & General Investment Management (LGIM) and a US investor amid worries that the oil and gas giant is failing to disclose the costs associated with transitioning to meet environmental goals.

A resolution urging the board of Exxon to disclose information on the transition costs has been lodged with Christian Brothers Investment Services ahead of the company’s annual meeting next month.

The top shareholders’ coordinated action shows that the board of the US oil major is coming under increasing pressure to advance its climate change initiatives.

Read Also: Britain considers widening renewables support scheme

The action could set off a shareholder conflict because several significant corporations are anticipated to face scrutiny over their energy transition at their annual meetings in the coming months.

According to LGIM, the concerns were based on the cost of Exxon decommissioning its assets to meet net-zero agreements, noting that the gas major had not provided details — even though many of its peers have revealed this information. Exxon has a market value of about $470bn.

The UK asset management stated that such information was “vital for the company’s shareholders” and that investors had “concerns around costs associated with the decommissioning of Exxon’s assets in the event of an accelerated energy transition”.

Story was adapted from Financial Times

ExxonMobilLGIM
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Britain considers widening renewables support scheme
next post
G7 countries fail to agree on date for coal phase-out

Related Posts

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 2025

At Bonn climate talks, Brazil demands early deals...

May 23, 2025

Guterres raises alarm over rapid Himalayan glacier melt

May 17, 2025

Study shows two-thirds of global warming caused by...

May 8, 2025

Weather expert warns climate change to hit agriculture...

May 5, 2025

Trump dismisses authors of major climate report

April 30, 2025

New UN report shows Indigenous Peoples sidelined in...

April 25, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World