Occidental shareholders approve climate deal

Occidental Petroleum Corp.’s shareholders approved a proposal  to require the oil and gas exploration Company to report on the business impacts of climate change, marking the first time such a proposal has passed over the board’s objections.

The resolution, initiated by a group of investors including the California Public Employees’ Retirement System, asks Occidental to assess its portfolio for long-term climate change impacts consistent with the Paris Agreement’s goal of limiting global temperature increases to 2 degrees Celsius.

It received the backing of Occidental’s largest shareholder, $5.4 trillion asset manager BlackRock Inc. which said it took action due to the “lack of response” on the issue by the company and a lack of improvement in its climate-change related reporting following a similar proposal last year which received more than 40 percent support.

Other oil and gas companies such as Royal Dutch Shell Plc, BP plc andStatoil ASA are also increasingly examining climate change issues.