The world’s biggest sovereign wealth fund will side with climate activists against ExxonMobil and Chevron in an attempt to force changes on emissions policy after the investor came under pressure for supporting European oil and gas companies.
Norway’s $1.4tn oil fund will back shareholder proposals at Exxon’s and Chevron’s annual meetings next Wednesday for the US oil and gas majors to introduce targets for cutting greenhouse gas emissions from the use of its products.
That stands in contrast to the fund’s refusal to back similar proposals — designed to ensure the world limits warming to under 2C to meet the Paris climate agreement — at European majors such as BP, Shell, and TotalEnergies, the French group whose annual meeting is on Friday.
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