Wespath Issues Statement at Occidental Petroleum's Annual Meeting

Wespath Benefits and Investments (Wespath) and the California Public Employees' Retirement System (CalPERS) today issued a statement to Occidental Petroleum regarding the company’s climate risk reporting and engagement with the Climate Action 100+ initiative.

Anita Green, Wespath’s Director, Sustainable Investment Services, delivered the following message at Occidental’s annual shareholder meeting:

Chairman Batchelder, Members of the Board, Shareholders:

My name is Anita Green and I offer this statement on behalf of Wespath Benefits and Investments and CalPERS.

We are supporters of the Climate Action 100+, an investor-led initiative that seeks to partner with the world’s largest greenhouse gas-emitting companies to address climate-related business risks. Investors with $34 trillion in assets under management support the Climate Action 100+.

Occidental Petroleum is a focus company of the initiative, based on its significant level of greenhouse gas emissions and its opportunity to influence the low carbon transition.

Supporters of the Climate Action 100+ seek commitments from the selected companies to:

  • Implement a strong climate governance framework that describes the board’s accountability and oversight of climate change risks and opportunities.
  • Reduce greenhouse gas emissions across their value chain, consistent with the Paris Agreement’s goal of limiting global average temperature increase to well below 2 degrees Celsius; and
  • Provide disclosure in line with the Task Force on Climate-related Financial Disclosures (TCFD).

We recognize that Oxy seeks to integrate sustainability into its business by taking a leading role in Carbon Capture and Enhanced Oil Recovery technologies; we look forward to supporting Oxy’s progress in this important work. Oxy also distinguishes itself by including sustainability updates to investors on its quarterly calls.

Last year we welcomed the publication of Oxy’s Climate Related Risks and Opportunities report, which helped us better understand how the company incorporates climate issues into its strategy. Oxy’s EHS team worked hard to understand stakeholder expectations and respond to feedback. We specifically acknowledge:

  • the board’s participation throughout the report’s development,
  • Oxy’s commitment to end routine flaring by 2030,
  • the disclosure and discussion regarding scenario analysis, and
  • the report’s alignment with the TCFD framework.

We presume the process was informative for the company, as well. Much has changed at Oxy since the report’s publication, and we look forward to receiving an updated report soon.

CalPERS, Wespath, and our collaborating investors look forward to continued dialogue regarding Oxy’s role in the global low carbon transition.

Thank you.

Investors wishing to learn more about Wespath’s history of engaging with Occidental Petroleum can find information on our Climate Change page.



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