Shareholder Pressure Gets Results on Global Warming

Activists with stock in six of the 10 biggest U.S. oil and gas firms -- including ChevronTexaco, Unocal Corp., and Marathon Oil -- have reached agreements with the companies on steps the latter will take to lessen the growing risks posed by global warming to their share value.

Published: 19-Mar-2005

WASHINGTON, Mar 17 (IPS) - Despite the George W. Bush administration's continued opposition to the Kyoto Protocol and other schemes for mandatory cuts on emissions of greenhouse gases, climate activists who deal with several major U.S. oil and gas companies say they are making good progress.

Activists with stock in six of the 10 biggest U.S. oil and gas firms -- including ChevronTexaco, Unocal Corp., and Marathon Oil -- have reached agreements with the companies on steps the latter will take to lessen the growing risks posed by global warming to their share value.

As a result, the activists, who last year sponsored resolutions designed to press the corporations to address the long-term threats to their value posed by global warming, have withdrawn resolutions for this year's shareholders meetings, which normally take place during the spring months.

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