Big Oil Companies Face Less Pressure from Climate Activists

Climate activists who used to put pressure on big oil companies are finding it much harder to make changes. At recent shareholder meetings for Chevron and Exxon, two major oil companies, environmental proposals got very little support. This shows that climate groups have lost much of their power to influence these companies compared to a few years ago.

A few years ago, climate activists were very successful at getting big oil companies to change their ways. They worked with large investors to demand things like reports on pollution from energy companies. This movement really took off in 2017 when they won an important vote at Occidental, another oil company. Back then, many investors cared about environmental issues and supported the activists.

But things have changed a lot since then. At Chevron's meeting on Wednesday, the company's directors got 97% support from shareholders. Their executive pay plan also passed easily. Only 9% of voters supported a proposal about protecting indigenous people's rights related to environmental concerns.

Exxon's meeting showed similar results that disappointed environmental groups. About 71% of shareholders voted to move the company's legal home from New Jersey to Texas. Experts said this move could take away some shareholder rights. Only 23.5% of voters supported changes to how Exxon handles shareholder voting.

Meanwhile, there was some good news for clean energy technology. A company called POET in South Dakota turned on a new thermal energy storage system. This system can store energy using heated blocks of solid carbon. The project was supported by several investment companies that focus on clean energy.