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Oil Giants Are Dealt Major Defeats on Climate-Change as Pressures Intensify; Shell and Exxon lose landmark decisions on the same day, demonstrating growing threats to fossil-fuel companies from activists and investors
7:46 pm ET May 26, 2021 (Dow Jones) Editor's Picks Print
By Sarah McFarlane and Christopher M. Matthews
Exxon Mobil Corp . and Royal Dutch Shell PLC suffered significant defeats Wednesday as environmental groups and activist investors step up pressure on the oil industry to address concerns about climate change.
In a first-of-its-kind ruling, a Dutch court found that Shell is partially responsible for climate change , and ordered the company to sharply reduce its carbon emissions. Hours later in the U.S., an activist investor won at least two seats on Exxon's board , a historic defeat for the oil giant that will likely require it to alter its fossil-fuel focused strategy.