Climate activists are licking their wounds after an unsuccessful AGM season at the world’s biggest oil companies. At Exxon and Chevron’s shareholder meetings, only two of 20 climate proposals gained more than a quarter of investor votes. Attempts to get the majors to set targets for Scope 3 emissions fared even worse than last year, which was heralded by activists as “the year the empire struck back”. But the dismal season has prompted soul searching: “I’ve been in the climate movement for 15 years, and I get a sense of desperation,” Mark Raven of 350.org tells the NYT. How to convince investors to prioritise climate risk after a windfall year for oil profits? One option is to take more legal action. Another is to put more pressure on investment banks and insurers. Neither is a quick fix.
