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ARTICLE · 05 JULY 2021

Recent ESG-Developments Affecting The Energy Industry

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On Wednesday, May 26, 2021, a series of events transpired that could have long-lasting impacts on the energy industry and which seem likely to accelerate that industry's evolving responses to environmental...

United StatesCorporate/Commercial Law
Kerry E. Berchem
Kerry E. Berchem
Cynthia M. Mabry
Cynthia M. Mabry
Jeffrey Lazar Kochian
Jeffrey Lazar Kochian
Kevin W. Schott
Kevin W. Schott
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On Wednesday, May 26, 2021, a series of events transpired that could have long-lasting impacts on the energy industry and which seem likely to accelerate that industry's evolving responses to environmental, social and governance (ESG) issues. In what is being widely reported as a significant victory for shareholder activists focused on climate issues, Engine No. 1, supported by some of Exxon's largest investors, gained three seats on Exxon's board of directors. In addition, a significant majority of Chevron's shareholders approved a resolution backing a call for the company to cut emissions from the end-use of its energy products. Finally, in what is being characterized as a "landmark" ruling with significant implications for the energy industry and beyond, a Dutch court found that Shell has contributed to climate change and ordered one of the world's largest energy producers to slash its carbon emissions by 45 percent by the end of 2030.

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