ExxonMobil agrees to report to investors on carbon asset-stranding risk.

NYT: “Energy companies have been under increasing pressure from shareholder activists in recent years to warn investors of the risks that stricter limits on carbon emissions would place on their business. On Thursday, a shareholder group said that it had won its biggest prize yet, when Exxon Mobil became the first oil and gas producer to agree to publish that information by the end of the month.”
“In return, the shareholders, led by the wealth management firm Arjuna Capital, which focuses on sustainability, and the advocacy group As You Sow, said they had agreed to withdraw a resolution on the issue at Exxon Mobil’s annual meeting…..In addition to showing how it will assess the risks to its portfolio, Exxon Mobil also agreed to say how further restrictions on carbon emissions would affect the projects it intends to invest in and to explain why new fossil fuel reserves in which it invests are not at risk of losing value, the shareholder groups said…..The Ceres campaign began last fall with a letter from shareholders representing $3 trillion in assets to 45 of the largest fossil fuel companies asking for more information about whether and how they were addressing the risks posed to their assets by changing climate policy. Two-thirds of the companies agreed to respond by this spring, said Andrew Logan, director of the group’s oil and gas and insurance programs.”