German asset manager offloads shares in ExxonMobil over climate targets

Written by Adam Cadle

02/06/2025

German asset manager, Union Investment, has sold all its shares in ExxonMobil as it has found the oil and gas corporation doesn’t have strong enough climate targets.

In addition, Union Investment has divested its stake in EOG Resources, due to what the investor says are insufficient targets to reduce emissions.

Union Investment “could not identify a sufficient commitment to the required climate targets” the asset manager’s head of sustainability, Henrik Pontzen, told the Financial Times.

“If a company fails to even set such targets, we see no basis to assume it will achieve them,” the executive added.

Exxon does not have Scope 3 targets for reducing the emissions from the use of oil and gas, although it has set Scope 1 and Scope 2 targets to cut its own emissions and emissions from its production.

Exxon said it is pursuing up to $30bn in lower-emission investments from 2025 through 2030, with about 65% directed towards reducing the emissions of other companies.

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