Gabby Brown, gabby.brown@sierraclub.org
The Securities and Exchange Commission (SEC) has reportedly taken unprecedented action on behalf of an oil company by blocking a shareholder resolution on climate change. Axios reported this morning that, in response to a request from EOG, the largest oil producer in Texas, the SEC agreed to allow the company to preemptively kill a resolution calling on the company to set a target to reduce its greenhouse gas emissions.
Energy companies and banks that invest in fossil fuel projects are facing increasing pressure from shareholders and the public to recognize the reality of climate change and take action to limit emissions. The SEC has never acted before to kill a resolution on climate change without allowing a vote.
In response, Sierra Club Campaign Representative Ben Cushing released the following statement:
“With this dangerous and unprecedented action, the Trump administration is taking its advocacy on behalf of dirty fossil fuel companies to a new level. For Trump, it’s not enough to roll back commonsense standards that safeguard our communities. Now, they’re going so far as to step in and silence private investors seeking to make their voices heard.
“It’s becoming more clear by the day that dirty fuels are a bad investment and that the tide has turned against companies who refuse to accept that fact. Trump can’t silence the growing international movement calling for divestment from dirty fossil fuel companies and the financial institutions that are still propping them up.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3 million members and supporters. In addition to helping people from all backgrounds explore nature and our outdoor heritage, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.