Follow This Resolutions 2023
In this crucial decade, the world needs to halve emissions to limit warming to 1.5°and the oil and gas industry must keep pace with these reductions. Our climate resolutions support publicly listed oil and gas companies to set Paris-aligned targets to reduce all emissions (scope 1,2 and 3).
This season we refined our focus companies to four ‘super-majors’: Shell, BP, Exxon and Chevron, which are some of the largest, most influential companies with significant impact on global emissions. These companies consistently fail to set meaningful targets for their Scope 3 emissions (approximately 90% of their emissions) – as such, our 2023 shareholder climate resolutions request medium-term Scope 3 emission reductions. Support for Paris aligned targets will provide these companies with a shareholder mandate to lead the energy transition, causing an industry-wide ripple effect.
In 2020 and in 2022, institutional investors filed a shareholder resolution at TotalEnergies requesting short-, medium- and long-term emission reduction targets in line with the Paris Agreement for Scope 1, 2 and 3. While the resolution received considerable support in 2020 (17% FOR, 11% Abstained), it was rejected from being put to the vote by the company Board in 2022. We believe it is key shareholders are allowed to vote on a resolution requesting Paris–aligned emission reductions and aim to work with investors and other stakeholders to explore possibilities to enforce shareholder rights in France.