‘One big backlash': Why is a green shareholder activist group pausing its climate resolutions?
ADVERTISEMENT
A shareholder activist group that seeks to 'change the system from within' is pausing its climate activism.
Dutch group Follow This has announced it will not seek to file any climate resolutions at oil and gas company shareholder meetings this AGM season, after a loss of investor appetite for climate action.
It follows the weakening of energy transition commitments in recent months from the likes of BP, Shell and Equinor, as they double down on more profitable fossil fuels.
A 'changing political landscape' and global trade tensions are also to blame, according to
Follow This
, which began its brand of activism in 2016.
Related
'Society is at a crossroads': 5 deep changes experts say will turn us away from the climate abyss
Ditching fossil fuels would improve energy security for most countries, new research finds
What has Follow This achieved?
Follow This subscribes to the logic that Big Oil won't change unless its shareholders demand action.
By becoming a 'green shareholder' in some of the world's most polluting companies, the activist group has put forward proposals demanding they align with the Paris Agreement's directive to cut emissions, and convinced other shareholders to vote for these resolutions too.
Since 2016, the group has achieved shareholder support of 80 per cent at Phillips 66, 60 per cent at Chevron, around a third at Exxon and
Shell
, and a fifth at BP, Reuters reports.
The Chevron victory came at an AGM in 2021, when 60 per cent of shareholders backed the call to cut emissions. 'In 2021, we saw the potential for widespread support,' Follow This founder Mark van Baal told the UK's Guardian paper. '[But] to compel oil giants to make significant investments in clean energy, investor pressure must rise.'
However, the group has only mustered around 20 per cent support from shareholders in the last few years.
Follow This faced a significant setback last year, when
Exxon
sued it together with Arjuna Capital for filing a climate-related resolution. A judge dismissed the case, but only after the defendants withdrew the resolution and promised not to resubmit a similar one or help others to do so.
There has been further hostility in the US recently, with some states taking legal action against big investors for supporting climate proposals.
Related
Project 2025: What environmental cutbacks has Trump made in a month and what's next?
'Their determination is heroic': Portuguese youth mount fresh climate lawsuit against government
Why are fossil fuel companies backtracking on climate commitments?
Major oil and gas companies have been reneging on their climate commitments in recent months.
In February, for example,
BP
announced it was scrapping a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels in an attempt to tackle investor concerns over earnings.
Van Baal told the Guardian that the group's mission will remain unchanged. It will continue to engage with investors to understand why they do not use their shareholder rights to demand change from the companies they invest in.
Meanwhile, climate campaigners will be turning up the heat externally as
AGM season
starts.
ADVERTISEMENT
'Big oil's big money is right now participating in one big backlash - against climate regulations from government, against zero commitments in banking, against renewable investments at fossil fuel companies,' Robin Wells, director of Fossil Free London, tells Euronews Green.
'As Shell and BP tear up their climate plans, scoffing over oil profits, what all of us citizens have always understood is now the clearest it has ever been - the fossil fuel industry is not going to willingly stop being the fossil fuel industry.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Euronews
8 hours ago
- Euronews
What to expect at the G7 Summit attended by Trump and Zelenskyy
World leaders are arriving in Canada on Sunday for a Group of Seven summit in the resort town of Kananaskis, Alberta in the Canadian Rockies. The Group of Seven comprises Canada, the United States, France, Italy, Japan, Germany and Britain. The European Union is also attending as well as other heads of state who are not part of the G7 but have been invited by Canadian Prime Minister Mark Carney. Ukrainian President Volodymyr Zelenskyy will attend and is expected to meet with his American counterpart Donald Trump, a reunion coming just months after their contentious Oval Office encounter, which laid bare the risks of having a meeting with the US president. Other world leaders will be meeting with Trump both in a group setting and for bilateral talks, which are often precarious as foreign leaders must navigate between placating and confronting him. Mexican President Claudia Sheinbaum will attend and said she expects to have her first in-person meeting with Trump. Among the other newcomers are German Chancellor Friedrich Merz, Prime Minister Keir Starmer and Japanese Prime Minister Shigeru Ishiba. Ahead of the G7 summit, there are already signs of subtle pushback against Trump from fellow leaders in the group. French President Emanuel Macron planned to visit Greenland over the weekend in a show of European solidarity. Carney has said the US is no longer the 'predominant' force in the world after Trump's tariffs created fissures in a decades-long partnership between the US and its northern neighbour. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a predominant role on the world stage," Carney said this past week in French. "Today, that predominance is a thing of the past.' The new prime minister added that with the fall of the Berlin Wall in 1989, the US became the global hegemon, a position of authority undermined by Trump's transactional nature that puts little emphasis on defending democratic values or the rule of law. 'Now the United States is beginning to monetize its hegemony: charging for access to its markets and reducing its relative contributions to our collective security,' Carney said. Israel's attacks on Iran has added a new wrinkle to the global picture and will likely dominate discussions during the summit. Other topics will likely include Trump's looming tariffs and the war in Ukraine. Italy's Meloni has positioned herself as a 'bridge' between the Trump administration and the rest of Europe. But Italy's strong support of Ukraine and Trump's threatened tariffs on European goods have put Meloni, the only European leader to attend Trump's inauguration, in a difficult position. But even as other G7 leaders defuse any public disputes with Trump, the US president's vision for the world remains largely incompatible with what they want. The grand military parade that US President Donald Trump had been wanting for years barrelled down Constitution Avenue in Washington, DC on Saturday with tanks, troops and a 21-gun salute. It played out against the counterpoint of protests around the country by those who decried the US leader as a dictator and would-be king. During the parade, which coincided with Trump's 79th birthday, he sat on a special viewing stand south of the White House to watch the display of American military might, which began early and moved swiftly as light rain fell and dark clouds shrouded the Washington Monument. The procession, with more than 6,000 soldiers and 128 Army tanks, was one Trump tried to make happen in his first term after seeing such an event in Paris in 2017, but the plans never came together until this year, when the parade was added to an event recognising the Army's 250th anniversary. Hours before the parade started, demonstrators turned out in streets and parks around the nation to sound off against the Republican president. They criticized Trump for using the military to respond to people protesting his deportation efforts and for the muscular military show in the US capital. In Washington, anti-war protesters unfurled signs that said 'Homes not drones' not far from a display of armoured vehicles, helicopters and military-grade equipment on the National Mall set up to commemorate the Army's birthday. Vendors outside the festival sold gear marking the military milestone. Others hawked Trump-themed merchandise. Doug Haynes, a Navy veteran who voted for Trump, attended the daylong festival to celebrate the Army's 250th birthday, but said that the parade 'was a little over the top.' Pointing at a nearby tank, Haynes said that having them roll down the street is a 'very bold statement to the world, perhaps.' 'No Kings' rallies unfolded in hundreds of cities, designed to counter what organisers said were Trump's plans to feed his ego on his 79th birthday and flag day. Organisers said they picked the name to support democracy and speak out against what they call the authoritarian actions of the Trump administration. The parade was added just a few weeks ago to the planned celebration of the Army's birthday and has drawn criticism for its price tag of up to $45 million and the possibility that the lumbering tanks could tear up city streets. The Army has taken a variety of steps to protect the streets, including laying metal plates along the route. The daylong display of America's Army comes as Trump has shown his willingness to use the nation's military might in ways other US presidents have typically avoided. In the last week, he has activated the California National Guard without the governor's permission and dispatched the US Marines to provide security during Los Angeles protests related to immigration raids, prompting a state lawsuit to stop the deployments. A previously calm demonstration in downtown LA quickly turned chaotic as police on horseback charged at the crowd, striking some with wood rods and batons as they cleared the street in front of the federal building. Officers then fired tear gas and crowd control projectiles at the large group, sending demonstrators, hot dog vendors and passing pedestrians fleeing through the street. Some have since regrouped, ignoring an LAPD dispersal order. 'Less lethal has been approved. Less lethal may cause discomfort and pain. It is advised that all persons leave the area,' police said in a post on X. 'It was a total 100% over-reaction. We weren't doing anything but standing around chanting peaceful protest,' said Samantha Edgerton, a 37-year-old bartender. Marines appeared for the first time at a demonstration since they were deployed to city on Friday with the stated mission of defending federal property. Dozens of Marines stood shoulder to shoulder in full combat gear, hands on their rifles, beside other law enforcement, including Department of Homeland Security officers at the National Guard. Directly in front of them, hundreds of protesters jeered in English and Spanish, telling the federal troops to go home.
France 24
9 hours ago
- France 24
Guest list for G7 summit tells of global challenges
The leaders of India, Ukraine, Mexico, South Africa and South Korea are among a carefully selected guest list drawn up at a time of global turmoil and a radical new US approach to world affairs. Summit invitations have become part of the G7 routine, and the host nation often likes to make a "welcome-to-this-exclusive-club" gesture, Ananya Kumar, of the Atlantic Council's GeoEconomics Center, told AFP. "The leaders want to meet each other, and you'll see the guests being a part of most of the work that happens." Some hosts "really want certain guests there to show their significance in the global economy," she added. This year's summit in the Canadian Rockies comes as the G7's share of world GDP has fallen from 63 percent in 1992 to 44 percent today, and as member nations deliberate on troubled relations with China and Russia. "It's important to think of who will be there in the room as they're making these decisions," Kumar said ahead of the three-day event that mixes leadership meetings with "the nitty-gritty ministerial work." Fifty years ago, Britain, France, Germany, Italy, Japan and the United States formed the G6, first meeting at a French chateau, before Canada joined the following year. Russia itself was a guest in the early 1990s, becoming a full member of the G8 in 1998 before being expelled in 2014. Notable guests for the summit that starts Sunday include: Ukraine President Volodymyr Zelensky's presence in Canada is a sign of continuing broad G7 support for Ukraine in its fight against Russia's invasion -- despite Donald Trump's skepticism. The US president regularly criticizes Zelensky and has upended the West's supply of vital military, financial and intelligence assistance to Ukraine. Zelensky aims to use the summit to press for more US sanctions on Moscow, saying last week "I count on having a conversation" with Trump, who wants a quick peace deal. India Prime Minister Narendra Modi attended the last G7 summit as India -- the most populous nation in the world -- takes an evermore important role in geopolitics. But his invitation this year was far from certain. Relations between India and Canada have turned sour over accusations of New Delhi's involvement in the assassination of a Sikh activist in Canada. Modi and new Canadian Prime Minister Mark Carney will have a chance to reset ties. India is also a leading member of BRICS -- a more fractured bloc that includes Russia and China, but which has growing economic clout and is increasingly seen as a G7 rival. Mexico President Claudia Sheinbaum's invitation means Canada has ensured that all three members of the USMCA free trade agreement will be present. Trump is seeking to transform the deal when it is up for review next year, as he pursues his global tariff war aimed at shifting manufacturing back to the United States. Enrique Millan-Mejia, of the Atlantic Council's Adrienne Arsht Latin America Center, said he expected Mexico to use the summit to touch base with United States on tariffs and the USMCA, but he forecast no major breakthroughs. South Africa President Cyril Ramaphosa can expect a friendlier welcome than he got from Trump last month, when their Oval Office meeting included a surprise video alleging the South African government was overseeing the genocide of white farmers. Ramaphosa may hope he can make progress repairing badly strained ties via a quiet word with Trump away from the cameras. The former anti-apartheid activist is attending the summit as South Africa holds the current presidency of the wider G20 group, and he said he plans to push its agenda in Canada. South Korea Carney appears keen to expand the event to bring in other partners that hold views generally aligned with core members. South Korea fits the bill and has emerged since the Ukraine war as a major defense exporter to Europe, although it has stopped short of directly sending arms to Kyiv. Newly elected President Lee Jae-myung, who comes from the left, will attend after winning a snap election triggered by his predecessor's disastrous martial law declaration.
LeMonde
14 hours ago
- LeMonde
France says it supports Harvard, welcomes foreign students
France's foreign minister on Saturday, June 14 said his country supported students and staff at Harvard, after President Donald Trump tried to ban foreign students from the prestigious US university. "We stand with universities facing the threat of government control, restriction to their funding, constraints on their curricula or research projects," Jean-Noel Barrot said during a commencement address at the high-profile HEC business school in Paris. "We stand with Harvard faculty, with Harvard students, facing unjustified stress and anxiety right now," he added in English. "Should US courts uphold decisions to ban international students, France will offer (them) a safe place to complete their degrees," he said. Universities and research facilities in the United States have come under increasing political and financial pressure under Trump, including with threats of massive federal funding cuts. Harvard has been at the forefront of Trump's campaign against top American universities after it defied his calls to submit to oversight of its curriculum, staffing, student recruitment and "viewpoint diversity." A US court last week put a temporary stay on Trump's latest effort to stop foreign students from enrolling at Harvard. A White House proclamation a day earlier had sought to bar most new international students at Harvard from entering the country, and said existing foreign enrollees risked having their visas terminated. The US government has already cut around $3.2 billion of federal grants and contracts benefiting Harvard and pledged to exclude the institution from any future federal funding. France and the European Union are seeking to encourage disgruntled researchers to relocate from the United States to Europe. European Commission head Ursula von der Leyen said last month that the EU would launch a new incentives package worth 500 million euros ($580 million) to make the 27-nation bloc "a magnet for researchers." French President Emmanuel Macron in April unveiled plans for a funding program to help national universities and other research bodies cover the cost of bringing foreign scientists to the country.
