ConocoPhillips’ shareholders vote against new emissions-reduction targets

Might 10 (Reuters) – ConocoPhillips (COP.N) shareholders on Tuesday didn’t help a proposal to incorporate its prospects’ emissions to its greenhouse gasoline discount targets, in line with a preliminary tally of votes on the decision.

Solely 39% of shareholders voted in favor of an environmental group’s proposal for the corporate to set total reductions targets aligned with the objectives of the Paris Local weather Settlement. That included limiting world warming to under 2 levels Celsius.

Main oil and gasoline producers have come underneath mounting strain to chop greenhouse gasoline emissions to sluggish local weather change. Whereas many have set targets for decreasing their very own direct and oblique emissions, or so-called Scope 1 and a couple of, these generated by prospects’ use of their oil and gasoline merchandise, referred to as Scope 3, have face extra opposition.

Conoco’s board advisable that shareholders vote towards the proposal, saying it didn’t consider Scope 3 targets had been acceptable for an organization targeted completely on the exploration and manufacturing of fossil fuels.

Final 12 months, 58% of Conoco’s shareholders voted in favor of a measure to set discount targets for emissions from its operations and merchandise; nonetheless, that decision didn’t specify aligning its objectives with the Paris Settlement.

Dutch activist group Observe This, which submitted the proposal, mentioned the decline in help might have been the results of extra stringent targets for 2022’s proposal. Conoco might have satisfied traders that addressing the present power scarcity overrides coping with local weather change, it additionally mentioned. learn extra

Final week, shareholders of U.S. oil producer Occidental Petroleum Corp (OXY.N) voted towards a Observe This proposal to increase its emissions reductions targets.

In the meantime, some 92% of Conoco’s shareholders had been estimated to have voted in favor of its board of administrators.

Reporting by Liz Hampton in Denver; Extra reporting by Ross Kerber; Modifying by Franklin Paul and Bernadette Baum

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