‘The week that shook Big Oil’: a turning point for the energy industry?

Big Oil has been forced to listen on climate change. But what difference will it actually make?

Environmentalists celebrate in The Hague
Environmentalists celebrate in The Hague
(Image credit: Remko De Waal/ANP/AFP via Getty Images)

Last Wednesday was “a bad day for Big Oil”, said Julian Lee on Bloomberg – “or a good one, depending on your point of view”. Three of the world’s biggest publicly-traded oil and gas companies – Exxon Mobil, Chevron and Royal Dutch Shell – were dealt stinging blows, with the upshot that “they’re going to have to clean up their acts a lot faster than they were planning”. Exxon shareholders – in the face of stiff opposition from management – voted to appoint at least two “climate-conscious” members to the board. At Chevron, meanwhile, a shareholder rebellion supported activist demands to cut emissions; and a court in The Hague legally obliged Shell to meet a stiff carbon reduction target.

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