ExxonMobil’s institutional investors are calling on the company to set greenhouse gas (GHG) reduction targets.
The investors have said they will file a shareholder resolution on the matter, according to Reuters. The move was led by the New York State Common Retirement Fund (NYSCRF) and the Church Commissioners of England (CCE). The CCE has asked the oil company to disclose, for the first time, short, medium and long-term targets to reduce greenhouse gas emissions from both its operations and the use of its products.
The news outlet reports that Thomas DiNapoli, New York State Comptroller and Trustee of the New York State Common Retirement Fund, said: “The world is transitioning to a lower carbon future and Exxon needs to demonstrate its ability to adapt or risk its bottom line along with investors’ confidence.”
The matter will be voted on at the annual ExxonMobil shareholders meeting in spring 2019.
Earlier this month, the company announced its global network of lubricants, blending and packaging plants has achieved zero waste to landfill status, according to waste diversion certification company UL. The company is successfully diverting more than 90% of the waste produced in the plants which manufacture all of the company’s Mobil-branded products.
The company has achieved Zero Waste to Landfill Silver validation from UL, making it the first petroleum products company to secure this validation.
To achieve the validation, ExxonMobil implemented a range of waste diversion techniques and strategies across its lubricant production network. Specifically, the company identified 14 types of waste produced at these facilities that could either be avoided entirely, reused or recycled. For example, the company implemented use of a device to safely drain aerosol cans in an environmentally conscious manner, allowing the metal and liquid to be recycled in Port Allen, Louisiana. In a plant in Turkey, the company implemented a simple distillation process to recover laboratory solvent.
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