HOW TO VOTE AT ENGIE’S AGM

Reclaim Finance argues that ENGIE's climate strategy is insufficient, citing a lack of short-term targets, a reliance on fossil gas, and a coal exit strategy based on asset sales rather than closures. The briefing recommends that investors vote against the 'Say on Climate' resolution and challenge the company on its gas and coal strategies.

• ENGIE's climate plan is considered incomplete and incompatible with a 1.5°C pathway, meeting only two of ten criteria in the Climate Action 100+ (CA100+) "Net Zero Company Benchmark".
• The 'Say on Climate' resolution is criticized for being a summary of existing targets without new material commitments, except for a pledge to achieve 100% decarbonized gas by 2045. It lacks short-term (2025) absolute decarbonization targets and detailed capital expenditure (CapEx) plans.
• ENGIE's coal exit strategy is primarily based on selling assets to other companies rather than shutting them down, which the document claims results in zero impact on global emissions. Since COP21, ENGIE has sold 15 power plants, representing 58% (12.1 GW) of its total coal production capacity decrease.
• The company relies heavily on fossil gas, with 50% of its total power generation capacity coming from this source. Reclaim Finance highlights a 20-year supply contract for US LNG, which includes shale gas, that was allegedly concealed from investors.
• ENGIE's goal of 100% decarbonized gas by 2045 is described as a risky gamble because it depends on immature technologies like green hydrogen and biomethane, which currently represent only 0.5% and 1% of global production respectively.
• The document recommends that investors vote against the 'Say on Climate' resolution and submit written questions to the AGM regarding the company's coal phase-out and gas decarbonization strategies.

APA

Maraval, C., & Pottier, G. (2022). HOW TO VOTE AT ENGIE’S AGM. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2022/04/2204_RF_ENGIE-AGM-Briefing-for-investors_V3.pdf

Chicago

Maraval, Claire, and Guillaume Pottier. HOW TO VOTE AT ENGIE’S AGM. Reclaim Finance, 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/04/2204_RF_ENGIE-AGM-Briefing-for-investors_V3.pdf.

Wikipedia

{{cite report |last1=Maraval |first1=Claire |last2=Pottier |first2=Guillaume |title=HOW TO VOTE AT ENGIE’S AGM |publisher=Reclaim Finance |date=April 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/04/2204_RF_ENGIE-AGM-Briefing-for-investors_V3.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{maraval2022how, author = {Maraval, Claire and Pottier, Guillaume}, title = {{HOW TO VOTE AT ENGIE’S AGM}}, institution = {Reclaim Finance}, year = {2022}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/04/2204_RF_ENGIE-AGM-Briefing-for-investors_V3.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }