This article discusses how investors are attempting to force the O&G industry to be more responsive to climate change. Sixty global investors have called on the oil and gas industry to do more to tackle climate change, ratcheting up pressure on company boards ahead of several high profile annual shareholder meetings.
Companies needed to be more transparent about how they plan to change their operations as part of the global shift to a low-carbon economy, necessary to meet the terms of the 2015 Paris climate agreement to keep global warming below 2 degrees.
“As long-term investors, representing more than $10.4 trillion in assets, the case for action on climate change is clear,” the investors said in an open letter published in the Financial Times newspaper.
“We are keenly aware of the importance of moving to a low-carbon future for the sustainability of the global economy and prosperity of our clients,” they said, adding related regulations would create additional costs to the industry.