Hello and welcome to Business Daily from the BBC.

I'm Manuel Zaragoza.

Coming up, if the future is carbon-free, what's the point of oil and gas companies?

The winds have turned very, very significantly against the industry just in the last few weeks.

They will be much, much smaller companies in 10 years' time. We hear why it's a moment

of reckoning for the oil and gas sector. I think that the links between climate change and

financial performance are increasingly intersecting and the markets beginning to realize that.

We're asking what will become of the world's oil majors here on Business

Daily from the BBC.

From our platforms to our labs, offices and facilities, and in communities around the world.

We're continuously innovating to provide the energy

solutions that advance modern life. A corporate video there, not from a renewal energy firm, no,

but rather from one of the world's biggest oil companies.

ExxonMobil.

Unfortunately for Exxon, despite that kind of corporate PR, not all of its shareholders have been entirely convinced by the oil giant's apparent commitment to reducing carbon emissions,

the emissions that cause climate change.

My name's Aisha Mastagni. I am a portfolio manager of the California State Teachers Retirement System.

We manage the pension fund for over a million beneficiaries and their families in the state of

California.

The California Teachers Retirement System, or Calsters, as it's known,

is a shareholder in Exxon, and it manages a pretty large pot of investments.

Yes, it's currently a little over $300 billion. In fact, Calsters is one of the world's

...