More than 20 investors and the climate activist shareholder group Follow This have jointly filed resolutions with BP and Shell.
The resolutions call for the oil and gas giants to disclose their strategies for generating value should global demand for their core products decline, the group announced on Wednesday.
The strategic shift in focus by the Dutch activist group is explicitly reflected in the newly proposed resolutions, according to a Reuters report.
This move comes after the group announced in April a significant setback: the suspension of its high-profile, nearly decade-long campaign.
Aim for more aggressive approach by oil and gas companies
The primary objective of this long-running campaign had been to pressure major global oil and gas producers into adopting more aggressive emissions reduction targets.
The group cited a “lack of investor appetite”—meaning insufficient shareholder support for its proposals—as the key factor compelling this suspension.
The introduction of these new resolutions, therefore, represents a pivotal change in the group’s methodology and targets.
Instead of persisting with the now-stalled emissions-focused campaign directly against the producers, the group was now pursuing a different, possibly complementary, avenue to achieve its overarching goal of accelerating the energy transition and tackling climate change.
This signals a sophisticated re-evaluation of tactics, moving beyond direct demands for emissions cuts to potentially focusing on issues like corporate governance, financial risk disclosure related to climate change, or the pace of transitioning to renewable energy sources.
The core context remains rooted in environmental activism and holding large energy companies accountable, but the mechanism for doing so has been strategically overhauled following the recent campaign’s disappointing lack of traction among the investor community.
Since 2016, Follow This has been submitting climate-related resolutions at shareholder meetings, achieving notable support in the following years.
These votes peaked with an 80% majority at Phillips 66, 60% at Chevron, approximately one-third at Exxon and Shell, and 20% at BP.
The group announced its focus will be on pressuring BP and Shell to reveal their long-term strategies, particularly how they plan to operate under scenarios where the demand for oil and gas declines.
Renewable energy commitments retracted by companies
Focusing investment on oil and gas projects, the two companies, like other producers, have scaled back their commitments to renewable energy.
BP and Shell are being requested by the resolutions to publish comprehensive reports, spanning at least a decade.
These reports must outline capital expenditure, production strategies, and projections for free cash flow under various scenarios of declining demand, including those modeled by the International Energy Agency.
A Shell spokesperson confirmed that the Board will evaluate the resolution, as it meets the procedural requirements.
The Board’s recommendation to shareholders will be included in the Notice of Meeting for the Annual General Meeting (AGM), which is scheduled for mid-May.
Co-filing investors for the resolutions collectively manage approximately 1.5 trillion euros ($1.75 trillion) in assets.
These investors include Achmea Investment Management, the Ethos Foundation, and several European local pension funds.
In November, the IEA (International Energy Agency) projected that oil demand would reach its highest point around 2030. This forecast is based on a scenario that incorporates proposed, but not yet finalised, policies.
In a scenario that is distinct from climate aspirations but is instead based on current government policies, the IEA has revised its outlook.
Contrary to previous projections, the agency now forecasts that global demand for oil and gas could see growth extending all the way to 2050.
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