Norway’s sovereign wealth fund, which holds $1.4 trillion in total assets, announced Friday that it would back calls for the US oil companies to set more aggressive emission reduction targets. It said it would support motions proposed by climate activist group Follow This at the companies’ annual shareholder meetings next Wednesday. ExxonMobil and Chevron\n \n have urged shareholders to reject them.
The Norwegian fund also did not participate in a shareholder rebellion at TotalEnergies’ annual meeting in Paris on Friday, which saw 30% vote in favor of a climate resolution put forward by Follow This. The group said the vote matched a revolt it led at Shell’s shareholder meeting in 2021.
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