Investors with 4 trillion euros in assets under management join Follow This to urge Paris-aligned emissions targets
Twenty-seven major investors, including Europe’s largest investor Amundi, escalate pressure on Shell to take climate action. The shareholders, who manage more than € 3.9 trillion in assets, have co-filed a climate resolution with green shareholder group Follow This. The shareholder resolution requests the oil major to align its medium-term emissions reduction targets with the Paris Climate Agreement.
“This extraordinary step shows how dedicated these investors are to tackling the climate crisis at its source,” says Mark van Baal, founder of Follow This. “This escalation of 27 leading investors puts the call for emissions reductions by energy companies front and center for all institutional investors.”
Shareholders hold the key
“We expect votes to increase as more investors follow their leading peers by voting for change at Shell, which is the bare minimum they can do,” says Van Baal. In 2023, 20% of shareholders voted in favor of the Follow This climate resolution. “Large shareholders hold the key to tackling the climate crisis with their votes at shareholders’ meetings. Shell will only change if more shareholders vote for change. The resolution is designed to give Shell a shareholder mandate to drive the energy transition.”
Changes in text climate resolution
Following consultation with large investors, the climate resolution was revised. The essence, Paris-aligned emissions reduction targets, remains.
The key differences with 2023:
- ‘2030 target’ was replaced by ‘medium-term targets’ and
- the supporting statement was completely rewritten to reflect investor requests for a more agnostic text that is solely focused on emissions.
