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At Oil Company’s Request, Trump Administration Blocks Shareholder Resolution on Climate Change

WASHINGTON - The Securities and Exchange Commission (SEC) has reportedly taken unprecedented action on behalf of an oil company by blocking a shareholder resolution on climate change. Axios reported this morning that, in response to a request from EOG, the largest oil producer in Texas, the SEC agreed to allow the company to preemptively kill a resolution calling on the company to set a target to reduce its greenhouse gas emissions.

 Energy companies and banks that invest in fossil fuel projects are facing increasing pressure from shareholders and the public to recognize the reality of climate change and take action to limit emissions. The SEC has never acted before to kill a resolution on climate change without allowing a vote. 

In response, Sierra Club Campaign Representative Ben Cushing released the following statement:

“With this dangerous and unprecedented action, the Trump administration is taking its advocacy on behalf of dirty fossil fuel companies to a new level. For Trump, it’s not enough to roll back commonsense standards that safeguard our communities. Now, they’re going so far as to step in and silence private investors seeking to make their voices heard. 

“It’s becoming more clear by the day that dirty fuels are a bad investment and that the tide has turned against companies who refuse to accept that fact. Trump can’t silence the growing international movement calling for divestment from dirty fossil fuel companies and the financial institutions that are still propping them up.”

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The Sierra Club is the oldest and largest grassroots environmental organization in the United States. It was founded on May 28, 1892 in San Francisco, California by the well-known conservationist and preservationist John Muir, who became its first president. The Sierra Club has hundreds of thousands of members in chapters located throughout the US, and is affiliated with Sierra Club Canada.

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