Sabrina Valle

HOUSTON (Reuters). Shareholders of Exxon Mobil Corp (NYSE 🙂 Chevron On Wednesday, Corp (NYSE:), voted for the energy transition strategies of two of America’s largest oil producers. This follows similar support from European oil companies’ climate plans.

Major oil producers have flipped the script this year and gained investors with their recent efforts to reduce carbon emissions. This was despite concerns about energy security and fuel price overshadowing environmental concerns at this years meetings.

Only 33% and 28% respectively of Chevron’s shareholders and Exxon’s shareholders voted for climate proposals submitted by activists group Follow This on Wednesday at the annual shareholder meetings.

Chevron shareholders voted against the proposal to tighten emissions reductions from fuel-burning consumers, also known as scope3.

Exxon’s results were a significant shift in direction from the year before when activist investors secured three seats to its board. This was a landmark achievement in governance. In the past, Exxon has set aside $2.5 billion each year to fund projects designed to reduce its greenhouse gas emissions.

“One third is a shareholder rebellion,” said Follow This founder Mark van Baal, referring to the Chevron vote. We must convince other investors, along with these investors, to also vote for Paris-alignment. 

Investors’ more management-supportive stance coincides with this year’s surge in energy prices and follows greater efforts by producers to transition to lower-carbon fuels.

Shareholders have previously blocked efforts to increase carbon emission reductions at TotalEnergies, BP, Shell, Occidental Petroleum Corp, Shell, Shell, and ConocoPhillips.