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Big Oil’s Very Bad Wednesday

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Big Oil’s Very Bad Wednesday

May 30, 2021 11:55 PM ETBNO, CVX, DBE…

Summary

  • Those paying attention to the market chatter this week may have heard the phrase “Black Wednesday” pass the lips of pundits who study the fossil fuels industry, though the events didn’t result in any kind of immediate panic-selling by investors of energy shares.
  • At the annual shareholder meeting of Exxon Mobil, the company ceded at least two seats on its board of directors to a climate activist group called Engine No. 1.
  • At Chevron’s general meeting, shareholders voted on a measure to set strict emissions targets from the products it sells.
  • A Dutch court in The Hague, Netherlands, ruled that Royal Dutch Shell must reduce its carbon emissions by 45 percent by 2030 against its 2019 levels – on an absolute basis, which is stricter than the carbon intensity targets that the company prefers to use as its benchmarks. Black Tuesday 1929 turned out to be a big deal.

A Dutch court in The Hague, Netherlands, ruled that Royal Dutch Shell (RDS.ARDS.B) must reduce its carbon emissions by 45 percent by 2030 against its 2019 levels – on an absolute basis, which is stricter than the carbon intensity targets (amount of carbon per megajoule of energy sold) that the company prefers to use as its benchmarks. That’s not a suggestion – it’s a demand backed by law.

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