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• Climate Activists Seek To Shut Down New Oil Termin …

• Calpers Threatens Exxon with Anti-Woods Vote

• Tweet of the Day

Climate Activists Seek To Shut Down New Oil Terminal

A group of climate NGOs are trying to shut down a new oil export terminal in Texas.

They also want no more such terminals approved ever again.

It’s the LNG pause story all over again.

Smelling blood

The pause on new LNG terminal approvals was celebrated as a huge victory by the climate NGO world.

It was really only a matter of time before they tried again.

Then, the Department of Transportation served them the opportunity on a plate.

In April, it approved a new deepwater oil export terminal in Texas.

The Enterprise Product Partners facility will have a daily capacity of 2 million barrels.

And it will make exporting U.S. crude a lot easier.

Obviously, climate NGOs can’t have that.

Because it would also mean more oil production.

And that’s a very big no-no for the NGOs.

So they wrote a letter in which they said the terminal and other projects under consideration are dangerous.

“These projects pose serious threats to the climate, vulnerable communities and ecosystems, public health, and national security.”

Of course, national security.

The BANANA offensive

You’ve probably heard about the BANANAs.

They’re a more radical version of NIMBYs, who don’t want anything built anywhere.

Those attacking oil terminals are a special case of BANANAs.

No energy infrastructure anywhere, ever, if it’s for oil and gas.

The LNG pause set a dangerous precedent.

Now, activists believe they can stop any project they want.

And maybe they’re right.

Calpers Threatens Exxon with Anti-Woods Vote

Calpers has threatened to vote against Exxon’s CEO’s re-election to the board.

It will reconsider if Exxon drops its lawsuit against two activist investors.

Apparently, these are beacons of shareholder freedom of expression.

Nice board you got there

Here’s the story.

In January, two activist investors—Arjuna Capital and Follow This—tabled an AGM resolution.

They wanted shareholders to back a demand for Exxon to report Scope 3 emissions.

Exxon struck back by filing a lawsuit against the two activists.

It argued that they wanted “to change the nature of its ordinary business or to go out of business entirely.”

Arjuna Capital and Follow This immediately dropped their resolution.

Maybe they didn’t expect Exxon to fight, and when it did, they called it quits.

But Exxon didn’t drop its lawsuit.

Exxon, it seems, had had enough.

Per Calpers, this is an attack on “shareholders’ ability to speak their minds.”

Because nothing says, I speak my mind like a shareholder resolution.

Especially one that could devastate the business.

The demise of shareholder activism

Calpers is trying to help the two activist investors.

But it might not find many backers for its move.

The time of activist investing seems to be coming to an end.

That’s because normal investors have a chance to see what makes money and what doesn’t.

And they buy shares in companies to make money, not to save the planet.

Harsh but true.

Bright-eyed pension funds might have to accept that.

Tweet of the Day

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