Smog Covered Red Sandstone in New Delhi

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Oil firms face fresh shareholder revolt

Shareholder resolutions demanding that oil companies release information on the risks posed by climate change are ‘gaining steam’, according to The Wall Street Journal.

More than 1,000 of the world’s leading academics have signed a letter designed to get Exxon Mobil and Chevron to follow fellow giants Shell and BP and succumb to shareholder pressure on the issue, reports the FT.

Pension holders are also on the case, having lobbied over a thousand providers in 46 countries to push Exxon and Chevron, reports Climate Home.

So far at least 60 shareholders – including Norway’s sovereign wealth fund and major proxy advisory firms – have endorsed the move.

Meanwhile Shell may face a BP-like shareholder revolt over executive pay, with The Telegraph reporting on a top investor venting about CEO Ben Van Beurden’s £3.5m bonus after a year in which company profits plunged 80%.

And the Tate’s bid to keep secret the extent of its funding from BP has been struck a blow with the information commissioner withdrawing his support, reports The Guardian.

India air pollution is the worst in the world by far

New data published by the World Health Organisation paints a detailed picture of polluted air around the world, and has India supplanting China as the smoggiest country.

16 of the 30 most polluted cities are in India whereas China – which has improved its air quality in recent years – has five.

Coal, which along with cars, is a major source of airborne pollutants, is on the way out all around the world, having failed to counter the climate change consensus, according to Dana Nuccitelli at The Guardian.

In the UK, coal was absent from the energy mix for the 2nd time this week (and only the second time since the 19th century).

But you might want to tell Japan that, because its government is pursuing a massive coal push despite warnings from Oxford academics that it could create $60bn in ‘stranded assets’.

Other news

Renewables: China wind capacity to triple by 2030, reports CleanTechnica.

More renewables: Mars UK operations will be powered 100% by wind, reports CNBC.

Storage: Nissan launches Tesla-like home battery system, reports Business Green.

Nuclear: New US power plant has taken 43 years to build, reports Quartz.

More nuclear: EON needs to raise millions more for cleanup costs, reports the FT.

Oil: Shell shuts down Nigeria oil terminal following attacks, reports AP.