Exxon to Publish Carbon Emissions Risk
The New York Times reported that Arjuna Capital and advocacy group As You Sow extracted that concession, with that information provided by the end of the month. The groups will withdraw a resolution seeking that information from the company’s annual meeting.
The shift is a sign of a growing acceptance among investors and companies that the value of fossil fuel assets may be out of line with evolving policies on global warming, according to the Times.
Exxon Mobil also agreed to say how restrictions on carbon emissions would affect future investments and how the restrictions may affect the value of those projects. The agreement comes after similar one pursued and won by Ceres with electric company FirstEnergy.
In the 2013 proxy season, shareholder submissions grew more than 6 percent compared with the previous year, with environmental and social proposals representing the largest category, at just fewer than 40 percent, according to a report from Ernst & Young.
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