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https://www.wsj.com/articles/investors-dial-up-pressure-over-companies-climate-lobbying-11647272299


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 * Sustainable Business


INVESTORS DIAL UP PRESSURE OVER COMPANIES’ CLIMATE LOBBYING


FIRMS ARE FACING MORE SHAREHOLDER RESOLUTIONS OVER LOBBYING ACTIVITY THAT
CLASHES WITH THEIR STATED ENVIRONMENTAL GOALS

INVESTOR SUPPORT FOR ACTION TO CURB GLOBAL WARMING HAS PUT THE ROLE OF GROUPS
THAT ADVOCATE FOR OIL AND GAS AND OTHER POLLUTING INDUSTRIES IN THE SPOTLIGHT.

Photo: tannen maury/Shutterstock
By Dieter Holger
March 14, 2022 11:38 am ET

Print

Text


Companies are coming under pressure to show that their public support for
climate action isn’t being undermined by their behind-the-scenes lobbying.

On Monday, investors representing more than $130 trillion published a new
standard for climate-related corporate lobbying, covering public commitments,
governance, actions and disclosures.

Companies that sign up are expected to publish a yearly review of their lobbying
and that of their trade associations. They should also create or join groups
that advocate for policy that supports the Paris Agreement goal of keeping
global warming to 1.5 degrees Celsius above preindustrial levels, according to
the Global Standard on Responsible Climate Lobbying.

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Investor networks with more than 3,800 signatories and members endorsed the
standard, including the Principles for Responsible Investment and the
Institutional Investors Group on Climate Change. BNP Paribas Asset Management
and the Church of England Pensions Board helped develop the plan.



Broad support among investors and policy makers for action to curb global
warming has put the role of groups that advocate for oil and gas and other
polluting industries in the spotlight. Shell PLC and TotalEnergies SE have in
recent years left Washington, D.C.-based oil-and-gas associations that have
faced criticism for stonewalling environmental policy.

U.S. shareholders have so far filed a record 46 proposals related to lobbying
for the 2022 meeting season, with 21 of them asking for proof that a
corporation’s climate lobbying is aligned with the Paris Agreement, according to
sustainable-finance nonprofit Ceres. Some 18 resolutions have been withdrawn
after companies including JPMorgan Chase & Co., Amgen Inc. and UnitedHealth
Group Inc., negotiated agreements with investors, Ceres said on Monday.

Shareholder proposals aren’t legally binding in the U.S., but they nudge
companies to make changes and raise the possibility of shareholders voting
management out.

How Much Would It Cost to Reduce Global Warming? $131 Trillion Is One Answer
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How Much Would It Cost to Reduce Global Warming? $131 Trillion Is One AnswerPlay
video: How Much Would It Cost to Reduce Global Warming? $131 Trillion Is One
Answer

Money is a sticking point in climate-change negotiations around the world. As
economists warn that limiting global warming to 1.5 degrees Celsius will cost
many more trillions than anticipated, WSJ looks at how the funds could be spent,
and who would pay. Illustration: Preston Jessee/WSJ

Many companies are still lobbying against the Paris Agreement, according to
InfluenceMap, a nonprofit group that pushes for corporate action on climate. It
says only 14% of 375 companies it tracks have aligned their detailed
climate-policy engagement activities with the Paris Agreement.

“Corporate political engagement continues to represent one of the key barriers
to delivering the Paris Agreement’s goals,” said Ed Collins, director of
corporate lobbying at InfluenceMap.

Having a shared standard will make it easier for companies to show their public
climate promises are serious, said Adam Matthews, chief responsible investment
officer at the Church of England Pensions Board.

But companies that don’t sign up may face more shareholder pressure.

“You’ll see that roll out later this year where we’ll be filing resolutions
asking companies to commit to the standard,” Mr. Matthews said.

Write to Dieter Holger at dieter.holger@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.
87990cbe856818d5eddac44c7b1cdeb8







 * GRID CARBON-PROOFING COULD SAVE UTILITIES BILLIONS OF DOLLARS
   
   An analysis of utility companies’ calculations in their Carbon Disclosure
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 * GRID CARBON-PROOFING COULD SAVE UTILITIES BILLIONS OF DOLLARS
   
   An analysis of utility companies’ calculations in their Carbon Disclosure
   Project filings shows that the cost of decarbonizing the grid and adapting it
   to climate change impacts is lower than the cost of inaction.


 * DRIVE PURPOSE-LED STRATEGY WITH MORE ACCOUNTABILITY, COLLABORATION


 * FOR MANY AUDIT COMMITTEES, CLIMATE NOT A CORE AGENDA ITEM

CONTENT FROM OUR SPONSOR: DELOITTE

The Wall Street Journal news department was not involved in the creation of this
content.





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