Exxon Mobil is taking legal action against two ESG-focused investment firms, Arjuna Capital and Follow This, aiming to block their shareholder proposal that seeks to commit the oil giant to more stringent greenhouse gas emissions reductions, including targeting the emissions of its customers and suppliers. Filed in Texas, the lawsuit represents Exxon’s stance against demands it views as detrimental to its core business operations. The investment firms, known for pushing environmental agendas at oil-and-gas companies for over a decade, argue that addressing climate risk is crucial for shareholder value and the global economy. This legal battle underscores the growing tension between traditional energy companies and the increasing push from investors for more robust ESG commitments, amidst wider political and business scrutiny of ESG investing practices.

https://www.wsj.com/business/energy-oil/exxon-sues-two-esg-investors-2057e696