Exxon, Chevron Shareholders Reject Toughening Climate Goals

Exxon Mobil Corp. and Chevron Corp. shareholders soundly rejected activist demands to take responsibility for curbing emissions by motorists and industries that burn their fuels.

Roughly 90% of investors in North America’s two largest oil producers shot down a proposal by environmental group Follow This that urged executives to set targets for reducing so-called Scope 3 emissions. For Exxon and Chevron, support for the measure slipped by more than half from a year ago.

Exxon, Chevron and many of the other major international oil explorers and refiners already have laid out plans to cut climate-damaging pollution from internal activities ...