Climate activist shareholder group Follow This pauses big oil campaign

Climate activist shareholder group Follow This said on Thursday a lack of investor appetite has forced it to suspend its nearly decade-long campaign seeking stronger commitments from major oil and gas producers to emission cuts. The Dutch group started filing climate resolutions at shareholder meetings in 2016, reaching shareholder support in subsequent years of 80% at Phillips 66, 60% at Chevron, around a third at Exxon and Shell and a fifth at BP. However, a surge in oil and gas prices triggered by Russia's invasion of Ukraine and lower-than-expected returns from investments in renewable energy have shifted shareholders' focus back to more profitable oil and gas.