First carbon bubble resolution wins strong support at Consol Energy AGM.

SocialFunds.com: “Twenty percent of shareowners support an As You Sow request that the company report on the financial risks associated with having to leave most of its coal reserves in the ground.” “Securities and Exchange Commission (SEC) rules permit a first-time shareowner resolution to be returned to the next year’s proxy ballot if it wins three percent of shareowner votes at a company’s annual general meeting. And it was not so very long ago that sustainable investors would be satisfied with enough votes on environmental, social, and corporate governance (ESG) resolutions to pass the three percent threshold.
This week, As You Sow announced the vote results for a first-time shareowner resolution the organization filed with CONSOL Energy, a coal and natural gas company whose 4.5 billion tons of proven and recoverable coal reserves are the largest in the US. Those coal reserves are treated as assets by the company and the financial markets.
….The resolution requests that CONSOL report to shareowners on “various scenarios the company deems likely, or reasonably possible, in which a portion of its reserves or infrastructure become stranded due to carbon regulation.”
….The results of a survey released today by First Affirmative Financial Network reveals that the overwhelming majority of respondents expect that risks associated with fossil fuel holdings will increase. Almost two-thirds say that large-scale divestment will occur within the next ten years.”