Climate Change’s New Ally: Big Finance

Over the past two years a striking change has taken place in the boardrooms of greenhouse-gas producers: a growing number of large companies have announced commitments to achieve “net zero” emissions by 2050. These include the oil majors BP, Shell, and Total, the mining giant Rio Tinto, and the electricity supplier Southern Company. While such commitments are often described as “voluntary”—not mandated by government regulation—they were often adopted begrudgingly by executives and boards acquiescing to demands made by a coordinated group of their largest shareholders.