Exxon Mobil Corporation | Establish scope 3 target and reduce hydrocarbons sales at Exxon Mobil Corporation

10.50% votes in favour
AGM date
Previous AGM date
Proposal number
Resolution details
Company ticker
Lead filer
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Company sector
Company HQ country
United States
Resolved clause
Shareholders request the Company to set a medium-term reduction target covering the greenhouse gas (GHG) emissions of the use of its energy products (Scope 3) consistent with the goal of the Paris Climate Agreement: to limit global warming to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C
Supporting statement
We believe that ExxonMobil could lead and thrive in the energy transition by meeting the increasing demand for energy services while reducing GHG emissions to levels consistent with the global intergovernmental consensus specified by the Paris Accord. Setting a Paris-aligned medium-term target covering Scope 3 is paramount, because the medium-term is decisive for the Company and the Paris Accord and because Scope 3 accounts for around 90% of total Scope 1, 2 and 3 emissions.1,2 ExxonMobil is one of the few oil majors that has not set Scope 3 targets (at the time of filing this proposal). Therefore, this proposal supports ExxonMobil to set a Paris-aligned medium-term target covering Scope 3. We, the shareholders, understand this support to be our fiduciary duty to secure the longterm interest of the Company and to protect all our assets in the global economy from devastating climate change; limiting global warming is essential to risk management and responsible stewardship of the economy. Backing from investors determined to achieve Paris remains strong; in 2022, 28% of shareholders in ExxonMobil and up to 39% of shareholders in other oil majors voted in favour of Follow This climate resolutions requesting Paris-aligned targets.3 The current energy crisis and the climate crisis can be addressed simultaneously by investing the windfall profits from high oil and gas prices in other energy sources.4Diversification of the energy supply would foster energy security by reducing dependency on oil and gas fields tied up in geo-political conflict and reduce emissions to address the climate crisis simultaneously. Changes in demand are as critical as changes in supply, but customers can only change sufficiently when key system players like ExxonMobil offer alternative energy sources at scale.5 By investing in alternatives, a global integrated energy company like ExxonMobil could decrease emissions without ultimately shrinking business. It is in the Company's and its shareholders’ best interest to pursue the opportunities the energy transition presents; this will also pre-empt risks of losing access to capital markets, policy interventions, litigation, liability for the costs of climate change, disruptive innovation, and stranded assets.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Sandbar Asset Management LLP For
Degroof Petercam Asset Management (DPAM) For
CoreCommodity Management, LLC For
Anima Sgr For As including all its material Scope 3 emissions into its net zero by 2050 goal would help investors better understand how the company plans to reduce its full value chain emissions and manage its transition to a low carbon economy.
This proposal would provide assurance to shareholders that the company is managing climate related risks and reputational risks appropriately and working to reduce the full scope of emissions for which it is responsible in alignment with Paris Agreement goal of keeping global warming below 1.5 degrees Celsius.
VidaCaixa For
Pensioenfonds Rail & Openbaar Vervoer For
Irish Life Investment Managers For
Rothschild & co Asset Management For

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