Investors back Follow This to file climate resolutions at oil majors in 2023
Investors representing € 1.3tn in assets under management have backed shareholder activist group Follow This to file climate resolutions at oil majors including Shell, BP, ExxonMobil and Chevron. The resolutions are focused on the companies’ 2030 emission reduction targets and their alignment with the Paris Agreement. A key target of the resolutions is to respond to the argument from Big Oil that the current energy crisis should “eclipse” the climate crisis. The resolutions, expected to be discussed in 2023, also focus on scope 3 emissions: “In 2023, we will narrow the resolutions to focus on Scope 3 by 2030, because large-scale reductions of emissions from fossil fuels in this critical decade are essential to avoid climate breakdown”. According to Follow This, climate engagement by major investors at oil majors is critical to the transition. Founder Mark van Baal said: “We hope that investors will finally realize that Big Oil will hang on to fossil fuels as long as possible, unless they vote in a different direction”.