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Big Oil Sees Climate Pressure Ease Off as Energy Crunch Bites

May 13, 2022, 1:44 PM

Climate resolutions are struggling to gain traction at Big Oil’s annual general meetings this year as growing fears of a global supply crunch put environmental issues on hold.

Dutch activist shareholder group Follow This saw support for its climate resolution at BP Plc’s AGM drop to 15% on Thursday from 20% a year earlier. It attributed the result to the “energy supply crisis” following the meeting in London. Shell Plc investors will vote on the same proposal on May 24.

With the war in Ukraine threatening fossil-fuel flows and driving energy prices higher, some governments have shown a willingness ...