ENGIE’s AGM: shareholders must vote against gas expansion

Reclaim Finance argues that ENGIE's continued investment in fossil gas is incompatible with a 1.5°C warming limit and its own 2045 carbon neutrality goal. The organization calls on shareholders to vote against key strategic resolutions to sanction the board for failing to align capital expenditure with decarbonization goals.

• ENGIE's energy mix remained heavily dependent on fossil fuels in 2023, with these sources accounting for 51% of its total mix, making the company one of the world's largest emitters.
• Despite investing between 67% and 74% of its capital expenditure in renewable energies through 2030, ENGIE plans to allocate 6% of its capital expenditure to new gas-fired power plants by 2026.
• ENGIE is expanding its fossil gas footprint through the development of a new power plant in Nijmegen, the Netherlands, the construction of LNG import terminals, and the signing of US shale gas supply contracts extending to 2041 and 2042.
• The company's decarbonization strategy relies on technologies with debated climate benefits, specifically biomethane and carbon capture, utilisation and storage (CCUS).
• ENGIE previously started a coal-fired plant in Mejillones, Chile, after the Paris Agreement, which it later decided to convert to gas in 2021 despite Chile's goal to decarbonize electricity by 2035.

APA

Martin, L. (2024). ENGIE’s AGM: shareholders must vote against gas expansion. Reclaim Finance. https://reclaimfinance.org/site/en/2024/04/15/engies-agm-shareholders-must-vote-against-gas-expansion/

Chicago

Martin, Léo. ENGIE’s AGM: shareholders must vote against gas expansion. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/04/15/engies-agm-shareholders-must-vote-against-gas-expansion/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=ENGIE’s AGM: shareholders must vote against gas expansion |publisher=Reclaim Finance |date=15 April 2024 |url=https://reclaimfinance.org/site/en/2024/04/15/engies-agm-shareholders-must-vote-against-gas-expansion/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024engies, author = {Martin, Léo}, title = {{ENGIE’s AGM: shareholders must vote against gas expansion}}, publisher = {Reclaim Finance}, year = {2024}, month = apr, url = {https://reclaimfinance.org/site/en/2024/04/15/engies-agm-shareholders-must-vote-against-gas-expansion/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }