Activist group Follow This files resolutions against oil majors
March 2, 2023
International climate campaign group Follow This has filed shareholder resolutions against four of the world’s largest oil and gas companies urging them to take swifter action to cut greenhouse gas emissions.
Six institutional asset managers, with a combined €1.3 trillion in assets under management, have called on Shell, BP, Chevron, and Exxon Mobil to set more robust climate targets for 2030.
The motions urge the companies to set clear targets to reduce their scope 3 emissions by 2030, in order to meet the goals of the Paris Climate Agreement.
According to Follow This, many oil companies anticipate there will be fewer shareholder votes demanding Paris-aligned targets following the decline in similar votes in 2022.
As a result, no oil major has established plans to reduce emissions in this decade, instead opting for promises for the distant future.
The activist group calls on shareholders and major investors to restore momentum in 2023 and compel major oil firms to support the energy transition.
Mark van Baal, founder of Follow This, said: “We remain convinced that oil majors will only take the bold and brave decisions needed to cut emissions in line with the Paris Climate Agreement when they have secured unequivocal support from their shareholders.”
Oil majors have faced sporadic pressure from investors to implement plans for an energy transition that aligns with the Paris Agreement.
In February, Shell’s board of directors were sued over an alleged failure to manage climate risks facing the company.
Several institutional shareholders, with a combined £450 billion in assets under management, brought forward the lawsuit.
Last Updated: 3 March 2023