KEY POINTS
  • The Securities and Exchange Commission has allowed Exxon Mobil to block a shareholder proposal requiring the oil giant to set targets to substantially reduce its greenhouse gas emissions.
  • The proposal called for it to disclose greenhouse gas targets aligned with the 2015 Paris climate agreement effort to keep average global temperature increases to well below 2 degrees Celsius.
  • The investment community has increasingly pressured firms to take action on climate change as the U.S. government shies away from climate change regulation.
(File photo): Protesters outside the ExxonMobil annual shareholders meeting at the Morton H. Meyerson Symphony Center in Dallas, Texas.

The Securities and Exchange Commission has allowed Exxon Mobil to block a shareholder proposal requiring the oil giant to set targets to substantially reduce its greenhouse gas emissions.

The proposal called for the company to disclose greenhouse gas targets aligned with the 2015 Paris climate agreement effort to keep average global temperature increases to well below 2 degrees Celsius, a goal some experts contend is unattainable.