Oil Giants Hit by Decarbonization: A Court Ruling and a Board Election

Two Western oil giants—Royal Dutch Shell and Exxon Mobil—each suffered a “decarbonization blow” on the 26th. In the Netherlands, Shell’s strategic headquarters, the Hague District Court issued a historic ruling against Shell, ordering the group to reduce total carbon emissions by 45% by 2030. Meanwhile, at Wednesday’s board election, a “decarbonization-focused investment fund” historically won two seats at Exxon Mobil, the largest US oil group. Together, these events pose a major challenge to traditional oil-industry power structures on both sides of the Atlantic. Could they mark the starting point of an accelerated twilight for the “oil giants” that have dominated the world for a century? https://global.udn.com/global_vision/story/8662/5488930?list_ch2_indexgold