TRENDING:
VULNERABLE NATIONS ALREADY MAKING WAVES FOR CLIMATE STRATEGY
“Future generations will never forgive us if we miss the opportunity to protect our common home.” -Pope Francis; the Vatican (October '21)
The Philippines is hit by on average, 20 cyclones per year, making it one of the most climate-vulnerable countries in the world. It recently became the first national human rights commission to tie the actions & responsibilities of fossil fuel companies to the impacts of climate change.
The commission found that the world’s largest fossil fuel companies had “engaged in willful obfuscation & obstruction to prevent meaningful climate action.” The commission has no enforcement powers, but legal experts contend, the report’s findings provide precedent for new climate-related human rights protections elsewhere.
Activist investors are also using their shareholder influence to encourage climate-responsible longterm spending on behalf of fossil fuel companies. Last year’s landmark climate vote to replace ExxonMobil board members has resulted in increased disclosure of Scope 3 emissions, more ambitious corporate targets for low-carbon solutions and a push for a profitable energy transition.
While the major oil & gas companies only account for 15% of the world’s petroleum supply, they have strategic influence on how governments perceive the balance of power in energy markets. The longterm goal is that shareholder influence will continue to impact global climate strategy.