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Big money forcing Big Oil into climate change revolution

With the annual general meeting season now behind us, many oil majors have felt the heat from investors – most prominently BlackRock – or courts to put more effort into accelerating climate action.

During the past several weeks a combination of climate activists, investment funds, and courts have chipped in to pressure companies like ExxonMobil, BP, Chevron, and Shell to accept more aggressive plans towards environmental protection and strategies that would be in line with the Paris Agreement.

The names heard the most during the Big Oil annual general meetings were those of their largest shareholders, investment funds like Vanguard and BlackRock with the latter making a lot more noise. With that being said, it is worth taking a look at BlackRock’s deeds during the past few weeks.

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