FT News Briefing Big oil companies face backlash on both sides of the Atlantic
May 27, 2021
Big oil faces unprecedented challenges as activist shareholders and landmark court rulings pressure companies like Shell to drastically cut emissions. A historic vote at ExxonMobil hints at a shift towards greener practices in the oil sector. Meanwhile, the industry grapples with declining demand for oil, exacerbated by a new International Energy Agency report. On the tech front, Amazon's acquisition of MGM could reshape Hollywood, while Tesla takes bold steps to alleviate the chip shortage caused by global supply issues.
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Impact of Climate Activism
- Climate activism impacted major oil companies.
- ExxonMobil shareholders voted for a shift away from fossil fuels, and Shell was ordered to reduce emissions.
Shell Ruling's Significance
- The Shell ruling highlights the gap between talk and action on decarbonization.
- The court's decision forces Shell to significantly change its business.
ExxonMobil Shareholder Vote
- ExxonMobil shareholders supported a shift towards more active participation in the energy transition.
- This signifies a potential move away from the company's traditional focus on oil and gas.