Activist group Follow This has announced it will not be submitting any climate-focused resolutions at oil and gas firms this proxy season. “This strategic decision has been made because large investors, in the current pro-fossil political climate, are hesitant to support climate action, particularly in the US,” the group said. If it filed climate proposals this proxy season, and they secured less support than previous years, it could be “counterproductive”, Follow This argued. The organisation aims to mobilise more investors to increase pressure of the fossil fuel industry in other ways over the course of 2025. Follow This pointed to its previous successful resolutions, which contributed to the likes of Shell, BP and Equinor setting decarbonisation targets. Last year, Follow This and fellow shareholder Arjuna Capital faced legal action by oil and gas major ExxonMobil in response to a proposal calling for medium-term decarbonisation targets. “Increased pressure from large investors is the only way to make oil and gas companies move again towards a sustainable future,” Follow This said. “Fortunately, it is in investors’ own financial interest that the climate crisis does not escalate, as their assets will devalue in a world devastated by floods, extreme weather, and other climate disasters.”
