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Shareholders call on ExxonMobil to set greenhouse gas reduction targets

NEW YORK (Reuters) – A number of institutional investors in ExxonMobil Corp (N:XOM) have said they will file a shareholder resolution which calls on the world’s largest oil company to set targets for lowering its greenhouse gas emissions.

The call, led by the New York State Common Retirement Fund (NYSCRF) and the Church Commissioners of England (CCE), comes in the wake of shareholder moves at other major energy firms seeking to make them more responsive to climate change and its impact on the business.

The statement released on Sunday by the CCE asked Exxon to disclose, for the first time, short, medium and long-term targets to reduce greenhouse gas emissions from both its operations and the use of its products.

“We want to see ExxonMobil develop a clear strategy for long-term sustainability, in line with international commitments for a safer climate,” Edward Mason, head of responsible investment for the CCE, said in the statement.

Thomas DiNapoli, New York State Comptroller and Trustee of the New York State Common Retirement Fund, added: “The world is transitioning to a lower carbon future and Exxon needs to demonstrate its ability to adapt or risk its bottom line along with investors’ confidence.”

Exxon did not immediately respond to a request for comment.

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