Climate change activists find their way to infiltrate the boards of big oil companies

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The stock exchanges in New York went out on Wednesday with small profits. Oil and gas groups ExxonMobil and Chevron were able to count on above average interest after activist investors with climate demands stirred up at the annual meetings. Investors did not seem impressed, as was the case with Shell earlier in Amsterdam.

ExxonMobil closed the session with a profit of 1.2 percent. An activist green investor with a tiny stake in the group managed to secure two board seats. With this, the call to do something about climate change also gets through to the company that is currently known as hard learners when it comes to climate measures.

Chevron (plus 0.2%) must also step up its efforts to reduce CO2 emissions. At the shareholders ‘ meeting, a resolution of the activist investor Follow This was adopted. It is yet another sign that oil companies are coming under increasing pressure to tackle environmental problems. Earlier in the day, a Dutch court ruled that Shell should drastically reduce the CO2 emissions it causes.

Climate issues do not, or hardly, set oil prices in motion. A barrel of American oil became 0.2 percent more expensive at $ 66.17. Brent oil rose 0.3 percent in price to $ 68.82 per barrel.

Car manufacturer Ford ended the session with a profit of almost 9 percent. The group announced that it would invest more money in the development of electric driving. By 2025, it will amount to a total of 30 billion dollars.

Competitor Tesla (plus 2.4 percent) was in the news due to possible sabotage at the company’s new plant in Berlin. Electricity cables were set on fire there and a left-wing radical group claims to have done so. The group says that electric cars are not environmentally friendly and therefore to fight against Tesla.

Tech group Amazon (plus 0.2 percent) caused nervousness among investors in pharmacists such as CVS Health, Rite Aid and Walgreens Boots Alliance who lost up to 4 percent in value. Amazon announced it would open brick pharmacy branches. In addition, Amazon announced the acquisition of MGM for $ 8.5 billion.

The Dow-Jones index won a fraction to 34,323. 05 points. The broad-based S & P 500 rose 0.2 percent to 4195.99 points and Nasdaq rose 0.6 percent to 13,738. 00 points.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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