The US SEC (Securities and Exchange Commission) has decided both oil giants ExxonMobil and Chevron must allow a shareholder vote on a proposal they should conduct analysis on the financial impact any climate change regulation would have on their operations.
According to reports, in a letter earlier this week, attorneys from the agency rejected both companies’ arguments the requests were too vague or had been already met.
It comes after increased pressure on the oil industry on climate change.
The ruling follows a decision by leaders at COP21 in Paris last year to reduce gas emissions in an attempt to keep the earth’s temperature from rising no more than 2 degrees celsius.
An Exxon spokesman said the climate proposal would be put up for vote at the company’s shareholder’s meeting in May, meanwhile Chevron did not immediately respond to a request for comment.
Recommended for you
