How to vote at ENGIE’s AGM: briefing for climate-conscious investors

Reclaim Finance argues that ENGIE's climate strategy is inadequate because it relies on selling coal assets rather than shutting them down and maintains a heavy dependence on fossil gas. The briefing advises investors to vote against the company's "Say on Climate" resolution at the upcoming AGM, noting that ENGIE's targets align with a "well below 2°C" world rather than a 1.5°C pathway.

• ENGIE's coal exit strategy primarily utilizes asset disposals and conversions rather than shutdowns, which transfers emissions to other entities instead of reducing them. Since COP21, the company sold 15 power plants, representing 12.1 GW or 58% of its total decrease in coal production capacity.
• The company's plan to convert coal plants to biomass is criticized for potentially increasing CO2 emissions per KWh due to lower energy density and supply chain emissions, while also threatening biodiversity through large-scale forest destruction.
• ENGIE is heavily dependent on fossil gas, which makes up 50% of its total power generation capacity, the largest such capacity among European utilities. Despite the risk of stranded assets, the company plans to extend gas capacities in Italy, Brazil, Belgium, and Australia.
• ENGIE's strategy for decarbonizing gas production by 2040-2045 is deemed uncertain as it relies on immature technologies like green hydrogen and biogas, which currently represent a tiny fraction of global production.
• The company's first "Say on Climate" resolution is viewed as insufficient because the underlying strategy is not aligned with a 1.5°C pathway, committing only to a "well below 2°C" world.

APA

admin (2022). How to vote at ENGIE’s AGM: briefing for climate-conscious investors. Reclaim Finance. https://reclaimfinance.org/site/en/2022/04/14/how-to-vote-at-engies-agm-briefing-for-climate-conscious-investors/

Chicago

admin. How to vote at ENGIE’s AGM: briefing for climate-conscious investors. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/04/14/how-to-vote-at-engies-agm-briefing-for-climate-conscious-investors/.

Wikipedia

{{cite report |last1=admin |title=How to vote at ENGIE’s AGM: briefing for climate-conscious investors |publisher=Reclaim Finance |date=14 April 2022 |url=https://reclaimfinance.org/site/en/2022/04/14/how-to-vote-at-engies-agm-briefing-for-climate-conscious-investors/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{admin2022how, author = {admin}, title = {{How to vote at ENGIE’s AGM: briefing for climate-conscious investors}}, institution = {Reclaim Finance}, year = {2022}, month = apr, url = {https://reclaimfinance.org/site/en/2022/04/14/how-to-vote-at-engies-agm-briefing-for-climate-conscious-investors/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }