Climate Activist Sees More Shareholders Pressing ConocoPhillips on Emissions

A new measure calling for emission cuts on the ballot at ConocoPhillips’ annual meeting on May 10 will test just what type of climate detail investors expect the company to divulge, a thorny question also facing other top energy firms.

Ross Kerber, Reuters

An activist shareholder who last year convinced a majority of ConocoPhillips Co. investors to approve a measure calling for emission cuts said the oil major did not fully follow through and said he expects to win even more support this year for a similar proposal.

“You can’t ignore the will of your shareholders,” Mark van Baal, founder of activist group Follow This, said in an interview on April 12.

Like last year, the group’s current proposal calls for ConocoPhillips to set targets to reduce its own direct and indirect greenhouse-gas emissions, known as Scope 1 and 2 emissions, as well as Scope 3 emissions from customers when they burn its fuels.

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