Pension holders petition funds on Exxon and Chevron climate resolutions
ExxonMobil and Chevron have been urged to adapt their business models to account for the 2°C climate target established in Paris, after the world’s largest shareholder action platform called on millions of civilians to support a change in operations. The Vote Your Pension platform, which is made up of The Asset Owners Disclosure Project (AODP), ShareAction and SumofUs, is calling on asset owners to use voting rights to drive this change. According to the campaign, over 15,000 people have so far lobbied 1,010 funds in 46 countries to back resolutions on climate change at the US companies’ AGMs on 25 May. Green investor network Ceres lists more than 60 shareholders who have publicly endorsed the resolutions. Two proxy advisory firms, ISS and Glass Lewis, which typically influence a quarter of the vote, have also given their support. (Edie; ClimateChangeNews)
Corruption
Banks cull accounts in fight against corruption
Deutsche Bank, Barclays and UBS have decided to close the accounts of between 20,000 and 35,000 customers each in their corporate and investment banking operations, either because they are considered too risky under anti-money laundering rules, or because they have become uneconomic in light of new regulations. The moves come as the UK prepares to host an anti-corruption summit, prompted by the Panama Papers leak, which has put the role of banks in fighting corruption into focus. “You have to be careful you don’t go too far,” said one senior City executive. The latest client clear-outs follow similar moves by other large global lenders, such as JPMorganChase and HSBC, which have shut the accounts of more than 100,000 clients in recent years. (Financial Times*)
Employees
Uber recognises New York drivers’ group, short of a union
Uber has announced an agreement with a prominent union to create an association for drivers in New York that would establish a forum for regular dialogue and afford drivers some limited benefits and protections. The association will be known as the Independent Drivers Guild. The agreement is Uber’s latest attempt to assuage mounting concerns from regulators and drivers’ groups about the company’s labour model, which classifies drivers as contractors rather than employees. This excludes drivers from coverage by most labour and employment laws, such as those that require a minimum wage and overtime, spurring public disagreements and lawsuits. Uber faces other labour-related hurdles. Along with Lyft, a competing ride-hailing service, the company this week withdrew operations from Austin, Texas, after losing a battle with the City Council over the nature of its background checks for drivers. (New York Times)
Energy
Singapore to install 2,000 charging points for electric cars
Singapore will install 2,000 charging points across the island to boost its planned electric car-sharing programme, the country’s Transport Minister Khaw Boon Wan has announced. The electric car-sharing programme aims to introduce 1,000 shared electric vehicles, and the charging infrastructure necessary to support their use. The number of charging points the ministry plans to set up presents a dramatic 20-fold increase from what is currently available. Up to 20 per cent of the 2,000 shared points will also be accessible to private owners. When asked whether the government would also consider using electric vehicles for public transport, citing London’s launch of a fleet of five battery-powered double-decker buses in March, Khaw said: “Yes. We will try to make use of all this new technology.” (Eco-Business)
Carbon dioxide emissions from US energy sector fall 12% since 2005
Americans’ energy consumption resulted in the release of 5.2 billion tons of CO2 last year, according to the US Energy Information Administration (EIA), down from 5.4 billion tons in 2014. The 12% cut since 2005 has been mainly driven by the continuing collapse of the coal industry. A flurry of coal plant retirements and an increase in the production of natural gas and renewable energy have pushed the US further towards its goal of reducing emissions by between 26% and 28% by 2025, although some analysts call for stronger measures to accelerate the decline. The low price of natural gas and ageing infrastructure has caused seemingly intractable headaches for the coal sector, including the company Peabody Energy, which went from market leader to bankruptcy in April. This trend could be accelerated by the implementation of the Clean Power Plan, which places limits upon power plant emissions. (Guardian)
Image soruce: Uber app by freestocks.org / Public Domain
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