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Pressure put on oil firms to go green - 21st January

Oil firm

An unprecedented coalition of investors has pledged to put pressure on oil firms to become more environmentally friendly.

The coalition of investors aim to force UK oil giants to assess, announce and tackle the dangers they pose to the climate in a bid to tackle climate change. If this is successful, then the pressure will be broadened to include other firms in all industries such as oil, gas and coal that are helping to accelerate climate change. Banks which finance the industries may also be targeted.

The coalition includes 150 churches, local authorities and pension funds managing more than £200bn of assets. The shareholder action is being led by the environmental law firm Client Earth and investor group ShareAction. The investors which have filed the initial actions, classed as ‘shareholder resolutions’ are to be voted on at the oil firms AGMs.

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