ExxonMobil’s shareholders have defeated the US oil giant in its battle to force the company to face up to the financial risks of tackling climate change.

Almost two thirds of ExxonMobil shareholders voted in favour of a motion asking the company to report on how its business will be affected by worldwide efforts to reduce carbon emissions by cutting back on the use of fossil fuels.

It is the second consecutive year that investors have called on ExxonMobil, the largest listed oil company in the world, to report annually on the resilience of its portfolio of oil reserves across a range of climate scenarios.

In particular, investors want Exxon to consider the impact of a strong global commitment to cap global warming at no more than 2 degrees above pre-industrial levels. This could require a sharp turn away from oil, and potentially could leave its oil assets stranded.

At the supermajor’s annual general meeting 62.2pc of shareholders voted in favour of climate risk reporting despite strong opposition from the ExxonMobil board, a significant jump up from 38pc who backed a similar proposal last year.