CalPERS, the California Public Employees' Retirement System, has urged Exxon Mobil to withdraw its lawsuit against climate-conscious investors. The lawsuit in question targets investors who have been pushing Exxon to address climate change risks and transition to cleaner energy sources.
CalPERS, one of the largest pension funds in the United States, believes that Exxon's legal action against these investors is counterproductive and goes against the interests of shareholders. The retirement system argues that engaging with shareholders on climate-related issues is essential for long-term sustainability and value creation.
Exxon Mobil's lawsuit seeks to prevent investors from proposing resolutions related to climate change at the company's annual meetings. This move has sparked criticism from CalPERS and other institutional investors who view climate change as a significant financial risk that companies like Exxon need to address.
CalPERS has been actively advocating for greater transparency and accountability from Exxon Mobil regarding its climate change policies and strategies. The retirement system emphasizes the importance of companies aligning their business practices with the goals of the Paris Agreement and transitioning to a low-carbon economy.
By calling on Exxon to drop the lawsuit against climate-conscious investors, CalPERS is signaling its commitment to promoting sustainable investment practices and encouraging companies to take meaningful action on climate change. The outcome of this legal dispute could have broader implications for how corporations engage with shareholders on environmental issues in the future.
