The majority of ExxonMobil’s (NYSE:$XOM) shareholders have agreed to have ExxonMobil produce a report regarding how its oil and gas reserves have been impacted by technological advances and/or climate change policies. The decision was made at the company’s annual shareholders meeting on Wednesday May 31.

The proposal of ExxonMobil providing such a report was first issued by a New York State Common Retirement Fund shareholder. While the proposal is non-binding — meaning that the gas and oil giant is not required to respond, implement changes, or provide any such reports — the support seen at the shareholders meeting could push the company to provide a detailed report or take action in other similar ways.

“This is an unprecedented victory for investors in the fight to ensure a smooth transition to a low carbon economy,” New York State Comptroller Thomas DiNapoli stated. “Climate change is one of the greatest long-term risks we face in our portfolio and has direct impact on the core business of ExxonMobil.”

Climate change have become such a concern that it is suspected that even institutional investors like BlackRock (NYSE:$BLK) and Vanguard (MUTF:$VTSMX) have supported the proposal of a report from ExxonMobil. At the meeting, the proposal received majority backing at 62% — what Natasha Lamb at environmentally focused financial firm Arjuna Capital (traded privately) called a watershed moment. After exiting the meeting, Lamb commented, “A majority of Exxon shareholders are speaking loudly and clearly that they need to address climate change risks. Denial is no longer an option.”

The 62% is a great increase from the 38% of backing from a similar proposal suggested last year. Still, 38% also showed quite a number of investors to have no confidence in ExxonMobil and how it’s working to adapt to the climate change situation. Both this year’s and last year’s proposals asks Exxon to provide a report on the impact different climate scenarios will have on its reserves. One such scenario was an agreement stated in the Paris climate agreement in 2015 that asked for participating countries to restrict greenhouse gas emissions in order to limit atmospheric temperatures to less than 2 degrees Celsius.

Investing in high-cost, high-carbon projects is no longer going to work, Lamb said. Companies like Exxon are soon going to be stuck with oil sands and/or deep Arctic exploration because oil that can be easily extracted is running out.

Environmental-oriented investors have also expressed concerns over Exxon’s oil assets should the goals of the Paris climate agreement be met. If it does happen, a large number of Exxon’s oil reserves can no longer be of use.

On the same day that the proposal received major backing by Exxon shareholders, however, Axios reported that recently-elected President Donald Trump has withdrew the United States from the Paris climate agreement. This could drive Exxon to continue with their business as usual, but Lamb argues that this won’t be the case — Exxon would still need to follow climate change policies and other restrictions set in other countries where it also does business. Lamb also said that it’s not just regulations that will impact Exxon, but market forces as well. Lamb sites the increase popularity of electric vehicles, more energy efficiency, and the replacement of petrochemicals with biochemicals in particular to have a major impact on driving down oil demand. Regulations are just another worry for Exxon, Lamb said.

To add insult to injury, Exxon’s shareholders meeting on May 31 was the first annual meeting for the company with Darren Woods as its CEO. Former CEO Rex Tillerson had stepped down from his position to be the U.S. Secretary of State.

Tillerson’s position as Secretary of State has also indirectly put Exxon through more criticism and scrutiny. This is because lawmakers have expressed concerns over the relationship Tillerson has with current president of Russia Vladimir Putin and Moscow-controlled oil company Rosneft (MCX:$ROSN). Many are concerned that Tillerson will use his position as Secretary of State to encourage the elimination of several sanctions the United States have placed on Russian companies. By eliminating the sanctions, Exxon would be allowed to go into a joint venture with Rosneft.

While concerns over the relationships of Tillerson, Exxon, and Russia played some part in impacting the backing of the proposal, Lamb argues that a large part of it was also concerns over the U.S.’s involvement in the Paris climate change agreement as well as the technological advances that could impact Exxon’s future.

This isn’t the first time that big-name funds have asked Exxon to provide a report. Besides last year’s efforts, Arjuna (traded privately) reached an agreement with Exxon in 2014 for the oil and gas company to produce a report — which Exxon eventually did. However, Lamb noted, Arjuna has also backed the 2017 proposal, arguing that the 2014 report Exxon produced was misleading.

In addition, Arjuna and the Baldwin Brothers (traded privately) have made another proposal, asking ExxonMobil to increase its share buyback and dividends and decrease investments in high-cost, high-carbon energy exploration projects. The funds argued that the projects risky and could make fewer returns in the next few years. The proposal, however, did not receive the same backing as the one asking Exxon to disclose the implications that technological advances and climate policies will have on its reserves — only garnering a 4% of the yes or no vote at both the meetings this year and last year.

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