CalPERS, the California Public Employees' Retirement System, has urged Exxon Mobil to withdraw its lawsuit against climate-conscious investors. The lawsuit in question targets investors who have been pushing Exxon to address climate change risks and transition to cleaner energy sources.
CalPERS, one of the largest pension funds in the United States, believes that Exxon's legal action against these investors is counterproductive and goes against the interests of shareholders. The retirement system argues that engaging with shareholders on climate-related issues is essential for long-term sustainability and value creation.
