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  4. Occidental shareholders reject climate proposal from activist investors
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Occidental shareholders reject climate proposal from activist investors

By Sabrina Valle HOUSTON (Reuters) - Occidental Petroleum Corp (NYSE:OXY) shareholders on Friday voted against a proposal by activist investor group Follow This to extend the...
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Occidental shareholders reject climate proposal from activist investors © Reuters. FILE PHOTO: The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuoni/File Photo

By Sabrina Valle

HOUSTON (Reuters) - Occidental Petroleum Corp (NYSE:OXY) shareholders on Friday voted against a proposal by activist investor group Follow This to extend the company's current carbon emissions reduction targets.

More than 80% of shareholders backed the board's recommendation to keep current commitments set by the U.S. oil and chemical producer, during the company's annual meeting on Friday.

Oil majors have been facing pressure from shareholders to cut carbon emissions to meet Paris Agreement climate goals that aim to limit global warming to below 2 degrees Celsius. Friday's vote signals investors are not willing to commit to proposals they believe could hurt business.

Chief Executive Vicki Hollub said the two sides have a "fundamental disagreement on what it means to be Paris aligned."

Follow This, a Dutch climate activist, wanted Occidental to disclose quantitative short-, medium- and long-term greenhouse gas emissions reduction targets consistent with the Paris Agreement.

The group's founder, Mark van Baal, said oil companies need to cut emissions by 40% and that Occidental's existing commitments do not guarantee that.

Occidental's board told investors it believes the company is already committed to Paris goals, and to reaching net zero emissions by 2050, with 14 metrics aimed at curbing emissions from its operations and products.

Occidental is betting on carbon sequestration and direct air capture technologies to offset emissions from its oil, gas and chemical operations. It also has set targets to mitigate emissions from its products.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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