A Sustainable Investment in Journalism

A sustainable business requires diverse revenue streams. ESG Investor now operates a subscription service as of Tuesday 14th May. To find out more please get in touch with our subscription team on subscriptions@esginvestor.net

Climate Action Resolution Backed by 96% of Caterpillar Shareholders

At US-based Caterpillar’s AGM this week, a climate disclosure resolution was backed by 96% of shareholders. The resolution asks the construction machinery and equipment company to release a report disclosing mid- and long-term greenhouse gas reduction targets aligned with the Paris Agreement’s goal of maintaining global temperature rise at 1.5°C, and periodically updating the progress made in achieving these goals. The resolution, put forward by environmental and social NGO As You Sow (AYS), also says the targets should cover Scope 3 emissions from customer use of products that combust fuels for operation, accounting for a large proportion of value-chain emissions. Caterpillar has so far neither set 1.5°C science-aligned targets nor targets covering its emissions from customers’ use of its products. Climate Action 100+, a coalition of 700 investors with $68 trillion in assets, has listed Caterpillar as one of the largest carbon emitters globally. AYS’s Energy Program Manager, Daniel Stewart, said: “Investors are starting to lose confidence in management’s ability to control climate risk as the company continues to ignore shareholders’ expectation that the company will quickly set science-aligned targets to avoid the worst effects of climate change and develop a transition strategy”. 

The practical information hub for asset owners looking to invest successfully and sustainably for the long term. As best practice evolves, we will share the news, insights and data to guide asset owners on their individual journey to ESG integration.

Copyright © 2024 ESG Investor Ltd. Company No. 12893343. ESG Investor Ltd, Fox Court, 14 Grays Inn Road, London, WC1X 8HN

To Top