{"id":156,"date":"2020-01-29T18:13:31","date_gmt":"2020-01-29T18:13:31","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=156"},"modified":"2020-05-22T11:39:00","modified_gmt":"2020-05-22T11:39:00","slug":"church-commissioners-for-england-investment-fund-criticizes-exxon-blocking-climate-resolution","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/church-commissioners-for-england-investment-fund-criticizes-exxon-blocking-climate-resolution\/","title":{"rendered":"Church Commissioners for England Investment Fund Criticizes Exxon Blocking Climate Resolution"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Says Exxon lagging peers on climate action<\/h3>\n\n\n\n<p>The Church Commissioners for England has reiterated its\nsupport for a shareholder resolution filed against the board of ExxonMobil,\nfollowing Exxon\u2019s move earlier this week to block the resolution from going to\na vote in 2020. The Commissioners manage an \u00a38.3bn investment fund, using the\nincome from investments to contribute towards the cost of mission projects,\ndioceses in low-income areas, bishops, cathedrals, and pensions.<\/p>\n\n\n\n<p>The resolution, filed by activist group As You Sow, asked\nExxon to report if and how it intends to bring its operations in line with the\nParis Agreement\u2019s goal of maintaining global temperature rise well below 2\ndegrees Celsius. According to the resolution:<\/p>\n\n\n\n<p>\u201cThe energy industry is one of the largest contributors to\nclimate change and ExxonMobil is the fourth largest global emitter in the\nsector. ExxonMobil\u2019s investment choices matter. Every dollar invested in fossil\nfuel resources increases risk to the economy and investor portfolios.\u201d<\/p>\n\n\n\n<p>The resolution continues to list several of Exxon\u2019s large\npeers, who have taken more significant steps to align with the Paris Agreement\ngoals:<\/p>\n\n\n\n<p>\u201cShell announced Scope 3 greenhouse gas intensity reduction\nambitions and has decreased reserves life below the industry standard. Total\nhas invested substantially in renewable energy and storage. Equinor rebranded\nitself from \u2018StatOil\u2019 and is diversifying into renewables. Orsted, previously a\nDanish oil and gas company, sold its fossil fuel portfolio. Repsol announced a\nnet zero by 2050 target.\u201d<\/p>\n\n\n\n<p>Edward Mason, Head of Responsible Investment for the Commissioners,\nsaid:<\/p>\n\n\n\n<p>\u201cExxon is continuing to misjudge the mood of investors on\nclimate risk. The fact remains that Exxon still provides investors no assurance\nthat it has a strategy consistent with the goals of the Paris Agreement. We\nco-filed the shareholder proposal filed by As You Sow because it asks Exxon to\nreport clearly if, and how, it plans to align its operations and investments\nwith the goal of restricting warming to well below 2 degrees Celsius and\nstaving off catastrophic climate impacts. In 2019 Exxon and the SEC blocked our\nshareholder proposal asking Exxon to set Paris-aligned emissions reduction\ntargets \u2014 this must not happen again. Exxon must cease lagging behind its peers\non this issue. We call on Exxon not to block this resolution going to a vote in\n2020.\u201d<\/p>\n\n\n\n<p>The Church Commissioners is leading the engagement by Climate Action 100+ with Exxon. <a href=\"https:\/\/www.esgtoday.com\/blackrock-joins-climate-action-100\/\">Climate Action 100+<\/a> recently got a significant boost when BlackRock joined the group earlier this month.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-156\" data-postid=\"156\" class=\"themify_builder_content themify_builder_content-156 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n<span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Says Exxon lagging peers on climate action The Church Commissioners for England has reiterated its support for a shareholder resolution filed against the board of ExxonMobil, following Exxon\u2019s move earlier this week to block the resolution from going to a vote in 2020. The Commissioners manage an \u00a38.3bn investment fund, using the income from investments [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[3,6,12,2],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Church Commissioners for England Investment Fund Criticizes Exxon Blocking Climate Resolution - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/church-commissioners-for-england-investment-fund-criticizes-exxon-blocking-climate-resolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Church Commissioners for England Investment Fund Criticizes Exxon Blocking Climate Resolution - ESG Today\" \/>\n<meta property=\"og:description\" content=\"Says Exxon lagging peers on climate action The Church Commissioners for England has reiterated its support for a shareholder resolution filed against the board of ExxonMobil, following Exxon\u2019s move earlier this week to block the resolution from going to a vote in 2020. 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