April 08, 2021
For some time, activist investors have pressured companies, especially those in the oil and gas industry to turn their attention to low-carbon solutions.
Occidental Petroleum launched a low-carbon business in 2018. We previously wrote about British Petroleum working towards water clean-up, reduction of greenhouse gases, etc.
Now Exxon Mobil has joined the party. They announced February 1, 2021 a new business unit primarily made up of carbon capture and storage. It isn’t satisfying activist investors. Engine No. 1 LLC (an investment company) still plans to wage a proxy fight for seats on the board. Good for them.