Investor group sued by Exxon renounces climate proposals

By Lesley Clark | 05/29/2024 06:31 AM EDT

The promise may end the oil giant’s lawsuit against the shareholder group.

The red sign on a white background of an Exxon service station sign in Nashville, Tennessee.

Exxon sued shareholder groups after they advanced plans that would have pushed the company to address climate pollution. Mark Humphrey/AP

An activist investor group that is being sued by Exxon Mobil is promising that it will not pursue any more resolutions to push the oil giant to address planet-warming emissions.

In return, Arjuna Capital told Exxon and a federal court in Texas on Monday that it expects the company will “albeit belatedly, do what justice and a respect for the rights of shareholders require and withdraw its lawsuit.”

The judge who is hearing the case said Tuesday that Arjuna’s letter appears to guarantee that the group will not revive its resolution.


Judge Mark Pittman of the U.S. District Court for the Northern District of Texas, who last week denied a request that Exxon’s lawsuit against Arjuna be dismissed, directed the oil company to tell him by Friday what it believes is left to the case. He said federal courts require a live conflict to avoid issuing theoretical rulings.