U.S. energy giant Chevron has been urged to resist the demands of “ESG-promoting asset managers” in an open letter from a coalition of shareholders.

In the September 6 open letter, Strive Asset Management called on the large cap to “liberate itself from constraints imposed by its ESG-promoting ‘shareholders’ and to focus exclusively on maximizing long run value for the company’s ultimate owners.”

The Ohio-based asset management firm argued that the growing supply-demand imbalance for energy around the world creates a unique opportunity for Chevron and urged it to produce and distribute more fuel to customers around the world – “proudly, publicly, and without apology.”

“We are concerned that Chevron faces immense pressure from its large institutional ‘shareholders’ including BlackRock, State Street, and Vanguard to adopt value-destroying limitations on its business that do not align with Chevron’s best interests,” the statement warned.

The dissidents further stated that “rejecting these firms’ mandates will require courage.”

As an oil and gas company, Chevron has been facing increased pressure to cut emissions by reducing production, with three environmental proposals tabled by shareholders at its May annual meeting.

The support for proposals of this nature is, however, falling year on year according to Insightia’s Voting module, with current support 14 percentage points lower than it was in 2020.