Church Commissioners and ExxonMobil – Update

Continuing momentum of Church Commissioners’ initiative

In our post COP21: the Paris Agreement and the churches we commented that Church Commissioners were continuing their proactive management of their investment portfolio; on 16 December, they announced that the ‘Aiming for A’ investor coalition, had confirmed that it was calling for the major mining companies to make a step change in their disclosure to investors about their response to the challenges posed to their businesses by the global drive to mitigate climate change. In January we reported that Shell and BP had agreed to disclose how they will be impacted by efforts to lower greenhouse gas emissions in response to shareholder proposals co-filed in 2015 by the Church of England and other investors and endorsed by the boards of both companies. In addition, 10 global oil and gas companies, including Shell and BP, have also announced their support for lowering GHG emissions to help meet the 2 degree goal. Continue reading