Climate activist shareholders file resolutions pressing BP, Shell on oil decline

LONDON, Jan 16 — Climate activist shareholder group Follow This and over 20 other investors filed resolutions on Wednesday calling on BP and Shell to disclose how they will create value if global demand for oil and gas declines.

The resolutions demand that the energy giants outline their strategies for maintaining profitability amid potential shifts in fossil fuel consumption.

Follow This, known for its climate-focused shareholder activism, led the initiative targeting the two major oil companies.

The group argues that such disclosures are crucial for investors to assess long-term risks and opportunities in the transition to cleaner energy.

BP and Shell have not yet publicly responded to the resolutions, which will be voted on at upcoming annual general meetings.

This move comes as global pressure mounts on fossil fuel companies to align their business models with climate goals.

Similar shareholder actions have increased in recent years, with investors pushing for greater transparency on environmental impacts.

BP and Shell have previously set net-zero emissions targets but face scrutiny over the pace and details of their transition plans.

The resolutions highlight growing investor concern about stranded assets and financial risks in a decarbonizing economy.

Outcomes of the votes could influence corporate strategies and set precedents for other energy firms worldwide.