
By Kathy Mulvey
In preparation for their annual meetings on May 31, both Chevron and ExxonMobil opposed every climate-related resolution put forth by their shareholders. In a previous post, I wrote that Chevron continues to downplay climate risks while attempting to convince shareholders that the company's political activities—which include support for groups that spread climate disinformation—are in shareholders' long-term interests.
Now the proponents of a shareholder resolution calling for Chevron to publish an annual assessment of long-term impacts of climate change, including 2°C scenarios, have withdrawn it from consideration at the annual meeting.
In a carefully calibrated statement, investors Wespath and Hermes noted that the report Managing Climate Change Risks: A Perspective for Investors lacks a substantive discussion of Chevron's strategies, but accepted the report as a first step and decided to give the company more time to explain how climate change is factored into its strategic planning.
Similar resolutions are gaining momentum with shareholders of utility and fossil fuel companies this spring, receiving more than 40 percent support at AES Corporation, Dominion Resources Inc., Duke Energy Corporation and Marathon Petroleum Corporation. Last Friday, a majority of Occidental Petroleum Corporation shareholders voted in favor of a resolution (also filed by Wespath) calling on the company, with board oversight, to "produce an assessment of long-term portfolio impacts of plausible scenarios that address climate change."
ExxonMobil shareholders will vote on a comparable proposal in two weeks. In 2016, a resolution urging the company to report on how its business will be affected by worldwide climate policies received the highest vote ever (38 percent) from company shareholders in favor of a climate change proposal.
The 2°C scenario analysis proposal, co-filed by the Church Commissioners for England and New York State Comptroller Thomas P. DiNapoli as Trustee of the New York State Common Retirement Fund, is on the agenda again this year, and a coalition of institutional investors with more than $10 trillion in combined assets under management is pushing for its adoption. (Look for a forthcoming blog on ExxonMobil's 2017 annual shareholders' meeting).
Chevron has bought some time from shareholders, but the company would be wise to improve its disclosures in response to growing investor concerns about the potential business, strategic and financial implications of climate change. Instead, the company (along with BP, ConocoPhillips, and Total SA) funded a new report criticizing the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD—see below for additional details).
The U.S. Chamber of Commerce will roll out the oil and gas company-sponsored report at an event this week. While the U.S. Chamber claims to represent the interests of the business community, few companies publicly agree with the group's controversial positions on climate change.
Meanwhile, carbon asset risk is still on the agenda for Chevron's shareholders this month: the proposal on transition to a low-carbon economy filed by As You Sow will go forward to a vote. As UCS closely monitors Chevron's and ExxonMobil's communications and engagement with concerned shareholders over its climate-related positions and actions, our experts and supporters will be stepping up the pressure on both companies in the lead-up to their annual meetings at the end of May.
Kathy Mulvey is the climate accountability campaign manager at the Union of Concerned Scientists.
A tornado tore through a city north of Birmingham, Alabama, Monday night, killing one person and injuring at least 30.
- Tornadoes and Climate Change: What Does the Science Say ... ›
- Tornadoes Hit Unusually Wide Swaths of U.S., Alarming Climate ... ›
- 23 Dead as Tornado Pummels Lee County, AL in Further Sign ... ›
EcoWatch Daily Newsletter
By David Konisky
On his first day in office President Joe Biden started signing executive orders to reverse Trump administration policies. One sweeping directive calls for stronger action to protect public health and the environment and hold polluters accountable, including those who "disproportionately harm communities of color and low-income communities."
Michael S. Regan, President Biden's nominee to lead the U.S. Environmental Protection Agency, grew up near a coal-burning power plant in North Carolina and has pledged to "enact an environmental justice framework that empowers people in all communities." NCDEQ
Trending
By Katherine Kornei
Clear-cutting a forest is relatively easy—just pick a tree and start chopping. But there are benefits to more sophisticated forest management. One technique—which involves repeatedly harvesting smaller trees every 30 or so years but leaving an upper story of larger trees for longer periods (60, 90, or 120 years)—ensures a steady supply of both firewood and construction timber.
A Pattern in the Rings
<p>The <a href="https://www.encyclopedia.com/science/dictionaries-thesauruses-pictures-and-press-releases/coppice-standards-0" target="_blank">coppice-with-standards</a> management practice produces a two-story forest, said <a href="https://www.researchgate.net/profile/Bernhard_Muigg" target="_blank">Bernhard Muigg</a>, a dendrochronologist at the University of Freiburg in Germany. "You have an upper story of single trees that are allowed to grow for several understory generations."</p><p>That arrangement imprints a characteristic tree ring pattern in a forest's upper story trees (the "standards"): thick rings indicative of heavy growth, which show up at regular intervals as the surrounding smaller trees are cut down. "The trees are growing faster," said Muigg. "You can really see it with your naked eye."</p><p>Muigg and his collaborators characterized that <a href="https://ltrr.arizona.edu/about/treerings" target="_blank">dendrochronological pattern</a> in 161 oak trees growing in central Germany, one of the few remaining sites in Europe with actively managed coppice-with-standards forests. They found up to nine cycles of heavy growth in the trees, the oldest of which was planted in 1761. The researchers then turned to a historical data set — more than 2,000 oak <a href="https://eos.org/articles/podcast-discovering-europes-history-through-its-timbers" target="_blank" rel="noopener noreferrer">timbers from buildings and archaeological sites</a> in Germany and France dating from between 300 and 2015 — to look for a similar pattern.</p>A Gap of 500 Years
<p>The team found wood with the characteristic coppice-with-standards tree ring pattern dating to as early as the 6th century. That was a surprise, Muigg and his colleagues concluded, because the first mention of this forest management practice in historical documents occurred only roughly 500 years later, in the 13th century.</p><p>It's probable that forest management practices were not well documented prior to the High Middle Ages (1000–1250), the researchers suggested. "Forests are mainly mentioned in the context of royal hunting interests or donations," said Muigg. Dendrochronological studies are particularly important because they can reveal information not captured by a sparse historical record, he added.</p><p>These results were <a href="https://www.nature.com/articles/s41598-020-78933-8" target="_blank">published in December in <em>Scientific Reports</em></a>.</p><p>"It's nice to see the longevity and the history of coppice-with-standards," said <a href="https://www.teagasc.ie/contact/staff-directory/s/ian-short/" target="_blank">Ian Short</a>, a forestry researcher at Teagasc, the Agriculture and Food Development Authority in Ireland, not involved in the research. This technique is valuable because it promotes conservation and habitat biodiversity, Short said. "In the next 10 or 20 years, I think we'll see more coppice-with-standards coming back into production."</p><p>In the future, Muigg and his collaborators hope to analyze a larger sample of historic timbers to trace how the coppice-with-standards practice spread throughout Europe. It will be interesting to understand where this technique originated and how it propagated, said Muigg, and there are plenty of old pieces of wood waiting to be analyzed. "There [are] tons of dendrochronological data."</p><p><em><a href="mailto:katherine.kornei@gmail.com" target="_blank" rel="noopener noreferrer">Katherine Kornei</a> is a freelance science journalist covering Earth and space science. Her bylines frequently appear in Eos, Science, and The New York Times. Katherine holds a Ph.D. in astronomy from the University of California, Los Angeles.</em></p><p><em>This story originally appeared in <a href="https://eos.org/articles/tree-rings-reveal-how-ancient-forests-were-managed" target="_blank">Eos</a></em> <em>and is republished here as part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story.</em></p>Earth's ice is melting 57 percent faster than in the 1990s and the world has lost more than 28 trillion tons of ice since 1994, research published Monday in The Cryosphere shows.
By Jewel Fraser
Noreen Nunez lives in a middle-class neighborhood that rises up a hillside in Trinidad's Tunapuna-Piarco region.