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First with the News

Norwegian Oil Fund Takes Stand Against Exxon And Chevron, Demands Emissions Reduction Targets

May 26, 2023
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The world’s largest sovereign wealth fund has taken a stance alongside climate activists, challenging ExxonMobil and Chevron and aiming to compel them to adopt emissions policy changes.

Norway’s $1.4tn oil fund is poised to lend support to shareholder proposals during the upcoming annual meetings of Exxon and Chevron.

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The proposals advocate for the integration of targets to curtail greenhouse gas emissions resulting from the use of the companies’ products.

In a departure from its previous position, which saw the fund decline to back similar proposals targeting European majors like BP, Shell, and TotalEnergies, the Norwegian oil fund seeks to drive a contrast.

Carine Smith Ihenacho, the fund’s chief corporate governance officer, indicated that US and European oil majors hold differing views on Scope 3 emission targets.

She noted that Exxon lacks conviction in the value of establishing Scope 3 targets, while Chevron’s transition plans are deemed insufficiently ambitious.

Conversely, Ihenacho praised BP and Shell for their robust Scope 3 targets and comprehensive transition plans.

Norway’s oil fund commands significant influence as one of the most impactful investors, with a stake averaging 1.5% in global companies.

Nevertheless, its proactive stance on environmental, social, and governance (ESG) investing has prompted clashes with major corporations and drawn criticism, including allegations of hypocrisy from environmental advocacy groups.

While Mark van Baal, founder of Follow This, an influential activist group responsible for the shareholder proposals aimed at oil majors, welcomed the oil fund’s support for Exxon and Chevron, he expressed surprise at its failure to endorse BP, Shell, and Total.

Van Baal emphasized the fund’s substantial responsibility, underscoring that its voting decisions potentially compromise its standing as a global economic steward.

He called for the fund to rectify this perceived oversight in the future.

Ihenacho acknowledged the complexity of the matter, describing one group as “hopeless” and the other as “great.”

However, she emphasized the European oil majors’ leadership position on the issue. Van Baal argued that BP and Shell had merely made empty promises for 2050 and were taking only incremental steps toward addressing climate change.

He criticized their conduct, asserting that being a leader within a field of laggards was an easy feat.

This year, the Norwegian fund has cast votes against major holdings such as Apple and LVMH due to concerns about executive pay.

It has also opposed the combination of CEO and chair roles at JPMorgan and Goldman Sachs.

In addition, the fund has initiated the submission of its own shareholder resolutions related to climate change at US companies.

However, accusations of hypocrisy have arisen, given Norway’s substantial revenues derived from oil and gas production, which seemingly contradict its instructions to energy companies.

Ihenacho defended the fund’s position, emphasizing the financial risks posed by climate change.

She reiterated the fund’s commitment to generating value for future generations responsibly.

The fund maintains a neutral stance concerning Norwegian policy and instead focuses on the creation of long-term financial value within a net-zero society.

Exxon and Chevron have urged shareholders to reject the proposals put forth by Follow This, highlighting the significant role that oil and gas companies play in the energy transition.

Exxon further raised concerns about potential unintended consequences associated with implementing Scope 3 targets.

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