Exxon Mobil stated in a court filing on Thursday that activist investors are backing down from a climate proposal.
The oil company had tried to stop this proposal from being voted on at the May shareholder meeting. Exxon had filed a complaint in a Texas court earlier this month to prevent activist investment firm Arjuna Capital, and shareholder group Follow This from bringing the climate proposal to a vote.
The climate proposal filed by these groups asked Exxon to establish Scope 3 targets to cut down on emissions caused by its products.
Among the five major Western oil companies, Exxon is the only one without these targets.
The oil giant argued that the groups pushing for these changes have an “extreme agenda” and that their proposals don’t benefit investors or support long-term shareholder value.