Investors are calling on nine major publicly listed companies to review their membership of lobbying groups which seek to undermine EU climate policy.
The investors have written to firms including BP, EDF, Statoil and Total over concerns they are working with obstructive lobby groups when it come to climate related policies.
The move comes as companies have come under increasing pressure to withdraw from regressive lobbying groups, with Unilever leaving Business Europe and BP and Shell exiting American Legislative Exchange Council over climate policy.
Arne Lööw, Head of Corporate Governance at AP4 (Fourth Swedish National Pension Fund) said: “We believe it is important investors put pressure on companies who are financing associations seeking to undermine climate legislation.”
Based on findings from a recent publication from the Policy Studies Institute (PSI) at the University of Westminster, the letters highlight the obstructive lobbying undertaken on behalf of the companies by EU trade associations.
PSI’s research shows how these organisations have sought to weaken policies on emissions reductions and renewable energy, ShareAction claims.
ShareAction investors signing the letters come from three continents and include: Boston Common Asset Management, AP4 Swedish National Pension Fund and The Pensions Trust.
Catherine Howarth, Chief Executive at ShareAction, said: “These international investors are united in the need to challenge companies who belong to trade associations that lobby obstructively behind closed doors to weaken climate policy in the EU.”
EDF Energy has refused to comment on the claims and ELN has contacted Total for a response.