Follow This and more than 20 other investors have filed shareholder resolutions urging BP and Shell to explain how they would create value in a scenario where global demand for oil and gas declines.
The resolutions mark a shift in strategy for Follow This, which said in April 2025 that limited investor support had forced it to pause its long-running campaign pressing major oil and gas producers for stronger emissions reduction commitments. Instead, the group is now focusing on companies’ longer-term financial resilience under changing demand conditions.
Follow This began filing climate-related shareholder resolutions in 2016 and previously secured high levels of investor backing, including votes of up to 80% at Phillips 66, around 60% at Chevron, roughly one-third at Exxon and Shell, and about 20% at BP.
Under the new proposals, BP and Shell are being asked to publish reports covering at least a 10-year period, setting out capital expenditure, production plans and free cash flow projections under scenarios of declining oil and gas demand. These would include scenarios developed by the International Energy Agency.
The resolutions come as BP, Shell and other producers have scaled back renewable energy commitments in recent years, redirecting investment towards oil and gas projects.
“As with any resolution that meets the procedural requirements, the Board will consider it and respond with a recommendation to shareholders in our Notice of Meeting for the AGM,” a Shell spokesperson said, adding that the company’s annual general meeting will take place in mid-May. BP did not immediately respond to a request for comment.
The co-filers of the resolutions collectively manage around €1.5 trillion in assets and include Achmea Investment Management, the Ethos Foundation and several European local pension funds.
The IEA said in November that global oil demand is expected to peak around 2030 under a scenario that reflects announced policies. However, under an alternative scenario based on existing government policies and excluding stated climate ambitions, the agency projected that oil and gas demand could continue to grow until 2050.
