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EOG Resources Moczygemba Unit in Karnes County, TX. Daniel Olinick / Flickr

The Securities and Exchange Commission (SEC) has blocked a shareholder resolution to set greenhouse gas-emissions targets, setting a troubling precedent for shareholders who want to use their collective power to fight climate change, Axios reported Monday.

The investment firm Trillium Asset Management had intended to propose a resolution at an annual shareholders' meeting this spring calling on EOG Resources, the largest oil-producer in Texas, to set dates for reducing greenhouse gas emissions. But EOG complained to the SEC in December, asking the government agency to bar the resolution from a vote on the grounds that it would "micro-manage" the company.

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More than 365 businesses and investors, from more than a dozen Fortune 500 firms to small, family-owned businesses across more than 35 states, sent a strong message today to President Barack Obama, President-elect Donald Trump and other elected U.S. and global leaders, reaffirming their support for the historic Paris climate agreement and the need to accelerate the transition to a low-carbon economy at home and around the world.

"Implementing the Paris climate agreement will enable and encourage businesses and investors to turn the billions of dollars in existing low-carbon investments into the trillions of dollars the world needs to bring clean energy prosperity to all," wrote the powerful business group, in a statement of support at a press conference at the COP22 climate negotiations in Marrakech, Morocco. "Failure to build a low-carbon economy puts American prosperity at risk."

Among the diverse and iconic large and small U.S. businesses signing the statement are DuPont, Gap Inc., General Mills, Hewlett Packard Enterprise, Hilton, HP Inc., Kellogg Company, Levi Strauss & Co., L'Oreal USA, NIKE, Mars Incorporated, Schneider Electric, Starbucks, VF Corporation and Unilever.

"Now more than ever, Levi Strauss & Co. believes it is important to reaffirm our commitment to address climate change by supporting the Paris climate agreement," Michael Kobori, vice president of sustainability at Levi Strauss & Co., said. "Building an energy-efficient economy in the U.S., powered by low-carbon energy will ensure our nation's competitiveness and position U.S. companies as leaders in the global market—all while doing the right thing for our planet."

The U.S., China, India, Brazil, European Union and more than 100 other nations representing more than three-fourths of global emissions formally ratified or joined the agreement, and it entered into legal force on Nov. 4. The agreement is the first-ever global, legally binding framework to tackle climate change.

In the statement, the large and small businesses pledged to do their part, in their own operations and beyond, to realize the Paris climate agreement's commitment of a global economy that limits global temperature rise to well below two-degrees Celsius.

They are calling on elected U.S. leaders to strongly support:

  • Continuation of low-carbon policies in order to allow the U.S. to meet or exceed its promised national commitments.
  • Investment in the low-carbon economy at home and abroad in order to give financial decision-makers clarity and boost investor confidence.
  • Continued U.S. participation in the Paris climate agreement in order to provide the long-term direction needed to limit global warming.

"The enormous momentum generated by the business and investment community to address climate change cannot be reversed and cannot be ignored by the Trump administration. That train has left the station and to stand in its way is folly," Matt Patsky, CEO of Trillium Asset Management, said.

"Nevertheless, we know that now is the time to remind the incoming administration that virtually every company in the Fortune 500 and over $100 trillion in investor assets has acknowledged the reality of climate change and the need to address it head on," Patsky concluded.

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