Shareholders get tough on proxy voting for climate action plans
says it’s serious about addressing climate change. It has pledged to reduce its greenhouse gas emissions by 37.5 per cent from 2020 levels by 2035 – and that’s just one of the ways the Quebec-based grocery and drugstore chain is planning to deal with a threat it calls a systemic risk to society and the economy.
Companies in virtually all sectors have announced they will reduce emissions to net zero by 2050, in line with the Paris Agreement, but many have not set interim goals or shown how they will achieve them through adjustments to capital spending. This raises questions about their credibility, said Shannon Rohan, SHARE’s chief strategy officer.
It says investors should look for climate targets that are scientifically aligned with limiting global temperatures to 1.5 degrees above preindustrial levels, the most ambitious path outlined in the Paris Agreement. They should expect companies to spell out specific approaches to realigning their business models to meet a series of long- and short-term targets. SHARE says these corporate strategies should include detailed breakdowns of the activities required to achieve them.
in the circular that it is committed to doing its “fair share” and assessing the feasibility and costs of getting to net zero. It also stresses the importance of adaptation strategies to stem physical and transitionary climate risks. Last year, it signed on as a supporter of the Task Force on Climate-related Financial Disclosures, the global gold standard for emissions measurement and reporting.
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