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Economist Podcasts

Caught in the activists: oil majors’ shake-ups

Economist Podcasts

The Economist

News, News & Politics

4.35K Ratings

🗓️ 28 May 2021

⏱️ 20 minutes

🧾️ Download transcript

Summary

Activist investors installed green-minded board members at ExxonMobil; Chevron’s shareholders pushed a carbon-cutting plan; a Dutch court ruled Shell must cut emissions. We examine a tumultuous week for the supermajors. After years of scant attention, Scotland’s drug-death problem is at last being acknowledged and tackled. And the Peruvian pop star boosting the fortunes of a long-derided indigenous language.

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Transcript

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0:00.0

Hello and welcome to the Intelligence on Economist Radio. I'm your host, Jason Palmer.

0:09.0

Every weekday, we provide a fresh perspective on the events shaping your world.

0:16.6

The drug death rate in Scotland is three times higher than elsewhere in Britain, and ten times

0:22.6

higher than in Europe. We look into the causes of the crisis and the plans to address it that are

0:27.6

at last being proposed. And there are 47 indigenous languages used in Peru, but Ketua is the most widely spoken. It used to be an

0:39.6

almost shameful thing, but the language is on the rise, thanks in part to a bit of nationalism

0:44.7

and a bit of pop music gold.

1:04.3

First up, though, the climate fight came to big oil this week.

1:10.3

At Wednesday's shareholder meeting of ExxonMobil, an American super major, activist investors installed at least two green-leaning board members.

1:13.7

This is a major statement for shareholders,

1:16.8

and particularly for people that care about the climate

1:19.0

and care about the future of this company.

1:20.8

On the same day,

1:22.0

Rebellia shareholders at Chevron, another American firm,

1:25.4

pushed through a plan to cut the company's carbon emissions. Boom! It happens to Chevron, another American firm, pushed through a plan to cut the company's carbon emissions.

1:28.2

Boom! It happens to Chevron! This is also today, a shareholders meeting, an overwhelming vote.

1:35.3

And a Dutch court ordered Shell to cut its emissions by nearly half in the next decade.

1:41.0

A landmark decision with far-reaching implications for environmental policy worldwide.

1:47.3

All three companies have made positive noises about reducing emissions and being part of an energy

1:52.2

transition. But this week's trio of climate surprises shows how corporate boards, investors,

1:58.5

and courts aren't minded to wait for oil majors to take the initiative.

2:03.1

The Exxon Mobil Shareholder meeting this week marks a turning point in the history of big oil.

...

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