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The Progressive

NewsWire

A project of Common Dreams

For Immediate Release
Sierra Club
Contact:

Gabby Brown, [email protected]

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."

The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.

(415) 977-5500
www.sierraclub.org
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