PRESS RELEASE
Large investors participate in the climate conference but voted against Paris-alignment at AGMs of oil and gas companies.
In addition to fossil fuel lobbyists*, representatives of institutional investors are attending the climate conference in Baku according to the list of participants, analyzed by Follow This. Most of them voted against carbon emission reductions at oil and gas AGMs in recent years, for example the 2024 climate resolution requesting Shell to set Paris-aligned targets (table above).
* Global Witness: at least 1,773 fossil fuel lobbyists
“The votes of investors against Paris-alignment at Big Oil undermine their advocacy at climate conferences. The best contribution they can make in tackling climate change is voting for change at the AGMs of the largest emitters,” says Mark van Baal, founder of Follow This.
Voting for Paris mitigates portfolio risk
“The portfolios of these global investors are most susceptible to devaluation caused by devastating climate change. It is incomprehensible that they don’t intervene in companies that contribute most to this risk, especially because they are shareholders.”
UBS and Amundi voted for change at Big Oil. However, BlackRock, State Street, JP Morgan backed board strategies with effects far beyond the boundaries of the Paris Accord.
“Global players like BlackRock, State Street, and JP Morgan have billions to lose as a result of devastating climate change. Investors must reconsider their support for Big Oil’s investments in more fossil fuels and align their votes with their financial duties,” Van Baal adds.
Investors have a key role
“Investors, the owners of the company, have a key role in holding companies to its climate obligations and steering them towards clean energy.”
Economy-killer
BlackRock, for instance, supported only 4% of environmental and social proposals put forward by shareholders in 2024. It was a sharp drop from its 2021 position when it backed nearly half.
Simon Stiell, UN climate chief, has emphasized the economic risks of inaction: “Enabling every country to take strong climate action is 100% in all countries’ interests, even the largest and wealthiest. Why? Because the climate crisis is fast becoming an economy-killer.”
Despite such warnings, attendance by finance leaders at COP29 has been underwhelming. As one European asset manager remarked. “I’m not going to Baku, and very few of my peers are either.”
