Praxis engages oil and gas companies on climate risks
Encourages thoughtful transition to low-carbon economy
In the fall of 2017, Praxis Mutual Funds® co-filed a resolution at Noble Energy asking the company to publish an assessment of its business portfolio given the internationally recognized goal of limiting the global increase in temperature to 2 degrees Celsius. The assessment would outline the impacts of multiple, fluctuating demand and price scenarios on the company’s existing reserves and resource portfolio and explain how capital planning and business strategies incorporate analyses of the financial risks of a low-carbon transition. The lead filer was Presbyterian Church (USA).
Praxis also joined other faith-based and socially concerned investors in November 2017 to speak with Occidental Petroleum about climate risk. Occidental presented a draft of its climate change assessment report, and this was followed by dialogue with shareholders. Topics of conversation included managing climate risks, improving metrics and targets, and pursuing leadership in emissions-reducing technologies and cleaner energy opportunities.
As a long term shareholder, Praxis seeks to encourage all companies to pursue strategies that integrate environmental stewardship and prudent management to achieve long term profitability in a carbon-constrained world.