HOUSTON -Exxon Mobil Corp and Chevron Corp shareholders have rejected numerous climate-related proposals at their annual meetings, showing strong support for the two largest U.S. oil producers in resisting calls for stricter measures to address climate change. These results demonstrate their reluctance to follow the lead of European counterparts in adopting more ambitious emissions reduction goals.

Despite facing pressure, Shell PLC, BP PLC, and TotalEnergies also faced protests at their shareholder meetings this year, demanding a faster transition away from fossil fuels.

However, Exxon and Chevron held their meetings online, avoiding similar demonstrations. Mark van Baal, founder of activist group Follow This, commented that none of the major oil companies are genuinely committed to transitioning away from fossil fuels, as they all prefer to hold onto them for as long as possible.

Exxon Mobil shareholders rejected all 12 shareholder proposals, most of which focused on climate-related concerns, at their recent annual meeting. One of these proposals, put forth by activist group Follow This, called for Exxon to establish medium-term goals for reducing emissions from the fuels burned by their customers, also known as Scope 3 targets.

However, this particular resolution received only 11% of the votes cast, compared to 27% support for the group's emission reduction proposal from the previous year. Exxon CEO Darren Woods criticized Follow This as an "anti-oil and gas" group that uses environmental and social objectives to undermine Exxon's crucial role in the industry.

Woods argued that Scope 3 targets fail to acknowledge the emissions reductions achieved by technologies like carbon capture and storage. It's worth noting that Exxon is the only one among the five major Western oil companies that has not set a 2030 target for reducing carbon emissions from its products.

Chevron investors similarly rejected several proposals related to emissions reduction targets for customers, the establishment of a board committee on decarbonization risk, and the production of a report on the impact of facility closures and energy transitions on workers and communities. These results indicate a declining level of support for initiatives aimed at strengthening the role of oil and gas companies in addressing climate change. The momentum gained by such proposals earlier in the decade has waned as concerns about supply and prices escalated following Russia's invasion of Ukraine.

However, one notable development was that a proposal to increase Exxon's reporting on methane gas measurement received the highest level of support, with 36% of the votes cast. Last year, shareholders approved a request with 51% of the votes for Exxon to publish an audited report on emissions based on assumptions aligned with the International Energy Agency's Net Zero by 2050 pathway.

Furthermore, shareholders rejected a proposal to create a worst-case scenario oil spill response plan for Chevron's operations in Guyana, garnering only 13% of the votes cast.