Green energy will force oil co’s to clean up

Waiting for Big Oil to clean up its act

At Exxon’s latest AGM, over 38pc of the company’s investors rebelled against the board by backing calls for it to publish an annual study of how profits may be affected by climate risk. The concerns are sector-wide and the stakes are high: Blackrock, the world’s largest investment fund, together with insurance giant Axa and Norway’s $900bn sovereign wealth fund, are all raising concerns over climate risk and beginning to divest from carbon-exposed investments.