Support for shareholder resolution to reduce Chevron's scope 3 greenhouse gas emissions

Allianz Global Investors announced today that it will support a shareholder resolution at the? 雪佛龙 Annual General Meeting urging the company to extend its climate action plan to cover Scope 3 greenhouse gas (GHG) emissions of the use of its energy products consistent with the goal of the Paris Climate Agreement.

Matt Christensen , Global Head of Sustainable and Impact Investing at AllianzGI commented:

“Ahead of the upcoming annual general meeting of the shareholders of Chevron Corporation on 31 May 2023, we intend to cast our proxy vote in support of item 6, requesting the Company to set a medium-term reduction target covering the GHG emissions of the use of its energy products (scope 3) consistent with the goal of the Paris Climate Agreement.

AllianzGI believes that the setting of scope 3 targets, when material, is an important element of climate strategies. Whilst companies have control over their direct emissions, they also have influence throughout their value chain and that is especially true for large companies such as Chevron.

Chevron has made progress in recent years in areas such as methane emissions, better transparency, and supply chain emission intensity targets. Setting scope 3 absolute reduction targets in our view is an important additional step to take. It would provide valuable information to enhance our understanding of the company’s long-term value creation paradigm. Far from prescribing business shrinking, a key ambition would be for Chevron to write its own long-term growth story of the business as customers transition to low carbon and growingly fossil free energy supplies.”

Clarity of transition stories is something AllianzGI seeks in many cases in order to meet commitments to AllianzGI clients and manage portfolios towards net zero. One example of such clarity, is set out by the recently published Position on the Oil and Gas Sector written by the members of the UN-convened Net-Zero Asset Owner Alliance.[1]

Earlier this year ?AllianzGI?published its annual analysis of how it voted at AGMs in 2022 around the globe, based on its participation in 10,205 shareholder meetings and voting in more than 100,000 shareholder and management proposals. AllianzGI voted against, withheld or abstained from at least one agenda item at 69% (2021: 68%) of all meetings globally.

We generally support shareholder resolutions that ask companies, for example, to report on their climate change strategy in alignment with the Paris Agreement or seek information on climate-related financial, physical or regulatory risks and how the company manages such risks. Globally, we supported 80% of all climate-related shareholder resolutions.

AllianzGI specifically targets high emitting companies lacking credible net zero targets. AllianzGI continues to utilise its proxy voting power to influence companies. This remains one of the most powerful tools available to asset managers to effect change. This form of influence will help to shape a more sustainable future for companies and society.

???https://uk.allianzgi.com/en-gb/b2c/our-firm/press-centre/press-releases/20230511-allianzgi-to-support-shareholder-resolution-to-reduce-chevrons-scope-3-greenhouse-gas-emissions

For more information on AllianzGI’s approach to active stewardship, please visit:

https://www.allianzgi.com/en/our-firm/esg/active-stewardship#activestewardship ?

[1] https://www.unepfi.org/industries/position-on-oil-and-gas-sector/

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