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Excerpt from nationalcenter.org
Washington, D.C. – At today’s annual Chevron shareholder meeting, the National Center for Public Policy Research’s Free Enterprise Project (FEP) will present a proposal (Item 4) asking for the energy corporation to report the risks arising from its voluntary carbon-reduction commitments.
“Chevron is not required to make Scope 3 emissions reduction commitments and yet does so anyway, despite the fact that this means that the U.S. Securities and Exchange Commission (SEC) can require additional disclosures related to Scope 3 emissions,” notes Free Enterprise Project Deputy Director Stefan Padfield, who will present the proposal.
“Those additional disclosures, together with Chevron’s voluntary commitments, open Chevron up to investigation by the SEC for greenwashing, which has become a recent point of emphasis for the SEC and has led to penalties in the tens of millions of dollars,” continues Padfield. “All of this unnecessary risk is further undermined by Chevron’s own admission that ‘the net zero emissions scenario is remote and highly unlikely.’ In addition, there are reasons to question the validity of the climate change assumptions underlying Chevron’s commitments.”
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