"Climate risk is investment risk."

Activist hedge fund firm, Engine No. 1, claimed three board seats at ExxonMobil following their campaign pushing the company to shift focus away from fossil fuels. Their move was supported by the “Big Three” institutional investment firms BlackRock, Vanguard, and State Street after successfully making the business case that climate risk is financial risk. The majority of the votes came from the pension funds, asset managers, and big institutional investors because they saw the business risk in the ExxonMobil's strategy.

Is this a turning point for the oil and gas companies?