Moody’s warns oil exporters face climate credit risks

DUBAI: Major oil producers face increased credit risks in the wake of recent lawsuits, Moody's warned on Friday.

It comes after Royal Dutch Shell lost a climate lawsuit this week while Exxon and Chevron faced shareholder revolts.

"These actions represent a substantial shift in the landscape for oil companies, which had previously prevailed in courts, and largely fend off significant shareholder votes, on climate related matters,“ Moody's said.

A Dutch court ruled that Shell must deepen planned greenhouse gas emission cuts while on the same day ExxonMobil's shareholders selected two climate-activist candidates to the company's 12-member board of directors. Chevron shareholders urged the company to limit emissions from the combustion of oil and natural gas.