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Thursday, May 26, 2022

NY state pushes for ExxonMobil vote on warming limit effects

ALBANY, N.Y. (AP) — New York’s comptroller and some other investors have asked the Securities and Exchange Commission to reject ExxonMobil’s plan to block their shareholder proposal for information about how the company will be affected by a two-degree target limit on global warming.

Comptroller Thomas DiNapoli, trustee of New York’s $ 178.3 billion pension fund for public workers, joined with the Church of England’s investment fund and others in filing the shareholder proposal.

They want ExxonMobil assessments of how its portfolio and oil and gas reserves would be affected by warming limits endorsed by 195 nations that call for lower carbon emissions and reductions in the burning of fossil fuels.

ExxonMobil says since 2007 it has included carbon costs in business planning that reflect the climate-related policy decisions it anticipates governments will actually make.

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