Call for a radical shift in engaging oil and gas companies on climate strategy

Reclaim Finance argues that current investor engagement strategies, including the Climate Action 100+ initiative, have failed to produce meaningful climate action from the oil and gas sector. The organization highlights that most companies continue fossil fuel expansion and maintain minimal investment in clean energy despite high profits. Consequently, Reclaim Finance calls on asset managers to escalate their tactics by suspending new investments, voting against strategic routine resolutions, and issuing public statements to sanction companies that refuse to stop developing new upstream and midstream projects.

• The oil and gas sector has shown negligible progress toward Paris Agreement goals since 2021, with most company commitments focusing on disclosure rather than action.
• A significant majority of oil and gas companies are continuing fossil fuel expansion, with 96% of upstream companies opening new fields and 63% planning new gas-fired power plants, pipelines, or LNG terminals.
• Investment in sustainable energy by the oil and gas industry is minimal, representing only 1.2% of global clean energy investment and 2.5% of the sector's own total capital spending.
• Several major companies reduced their climate ambitions in 2023: BP lowered its 2030 oil and gas production reduction target from 40% to 25%, Shell abandoned plans to cut oil production by 2030, and TotalEnergies intends to increase oil and gas production by 2 to 3% annually until 2028.
• Reclaim Finance recommends that investors suspend new investments in oil and gas companies, including bond purchases, until companies commit to stop developing new upstream and midstream projects.

APA

Pinson, L. (2024). Call for a radical shift in engaging oil and gas companies on climate strategy. Reclaim Finance. https://reclaimfinance.org/site/en/2024/02/13/call-for-a-radical-shift-in-engaging-oil-and-gas-companies-on-climate-strategy/

Chicago

Pinson, Lucie. Call for a radical shift in engaging oil and gas companies on climate strategy. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/02/13/call-for-a-radical-shift-in-engaging-oil-and-gas-companies-on-climate-strategy/.

Wikipedia

{{cite press release |last1=Pinson |first1=Lucie |title=Call for a radical shift in engaging oil and gas companies on climate strategy |publisher=Reclaim Finance |date=13 February 2024 |url=https://reclaimfinance.org/site/en/2024/02/13/call-for-a-radical-shift-in-engaging-oil-and-gas-companies-on-climate-strategy/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{pinson2024call, author = {Pinson, Lucie}, title = {{Call for a radical shift in engaging oil and gas companies on climate strategy}}, publisher = {Reclaim Finance}, year = {2024}, month = feb, url = {https://reclaimfinance.org/site/en/2024/02/13/call-for-a-radical-shift-in-engaging-oil-and-gas-companies-on-climate-strategy/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }