The Independent – The three largest European asset managers have been praised for voting in favour of a climate resolution at the annual general meetings (AGMs) of five fossil fuel giants.
Amundi, UBS, and Allianz voted for a resolution that requests the board to align its existing 2030 reduction target covering scope 3 – emissions from products sold – with the goal of the Paris Climate Agreement.
Activist shareholder group Follow This has now analysed the voting behaviour of 12 top investors at the AGMs of BP, Shell, Chevron, TotalEnergies and ExxonMobil this year.
The group’s founder, Mark van Baal, said: “Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil.
“Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis. Most of their peers enable oil majors to continue to cause climate breakdown by voting against climate resolutions. Big Oil needs to change or Paris will fail. That’s a decision for shareholders. The current windfall profits of oil and gas should be used to invest in new sustainable business models instead of more fossil fuels.
