European asset managers back climate resolution at Big Oil AGMs

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European asset managers back climate resolution at Big Oil AGMs
Credit: © Reuters.

Amundi, UBS, and Allianz (ETR: ALVG ), three of Europe's largest asset managers, have demonstrated their support for a climate resolution at the annual general meetings (AGMs) of five major oil companies. The resolution, proposed by Follow This, advocates for adherence to the Paris Climate Agreement's 2030 objectives, specifically aiming to cap global warming at 1.5°C.

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.

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