Increased Investor Pressure for More Ambitious Climate Pledges Ahead of AGMs

April 25, 2023

In early April, the climate activist shareholder group, Follow This, filed shareholder resolutions seeking stronger energy transition strategies from several oil “super-majors.” The resolutions have been filed in advance of BP, Chevron, and Shell's annual general meetings (AGMs), due to be held in April and May, and call for the companies to set more ambitious targets covering Scope 3 emissions and large-scale reductions in “absolute emissions by 2030” to pursue efforts to limit global temperature increase to 1.5°C. Follow This states that the “strategy for how to achieve this target is entirely up to the board[s]” but emphasized that a Paris-aligned aim for 2030 was necessary to achieve net zero by 2050 goals.

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