German Asset Manager Divests Exxon Shares Over Insufficient Climate Commitment
- Miguel Virgen, PhD Student in Business
- Aug 22, 2025
- 7 min read
In early June 2025, Union Investment, one of Germany’s largest asset managers, announced it had divested its holdings in ExxonMobil and EOG Resources after concluding that the companies had not demonstrated adequate climate commitments—most notably, a willingness to address Scope 3 emissions, which arise from the end use of fossil fuels rather than from a company’s own operations (Financial Times). The decision was framed not as ideological posturing but as a measured step after extended engagement failed to yield the type of targets Union Investment believes are necessary to meet global climate pathways and to protect long-term investor value (OilPrice.com). The move reverberated across markets and policy debates because it underscores a widening gap between European asset managers’ expectations for energy companies and the public positions of some major U.S. oil and gas producers.
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