This post was originally published on this site
These asset managers backed the resolution in a bid to advocate for decarbonization plans that aim to cut scope 3 emissions from the products of BP (NYSE:BP), Shell (LON:SHEL), Chevron (NYSE:CVX), TotalEnergies (EPA:TTEF), and ExxonMobil (NYSE:XOM). Mark van Baal, founder of Follow This, commended these firms for using their voting power to combat the climate crisis.
Amundi showed its support for the resolution at all AGMs while UBS did so excluding BP’s AGM. Allianz supported it at US oil majors Chevron and ExxonMobil’s AGMs but did not do so at European firms’ meetings. Their assertive engagement underscores a shifting investment landscape prioritizing environmental sustainability alongside the profitability of oil and gas.
On the other hand, van Baal criticized nine other investors including UK’s Legal and General for opposing or flip voting on the resolution. This opposition enables oil majors to continue contributing to climate breakdown.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
