Linde Plc | Interfaith Center on Corporate Responsibility

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<strong>Company:</strong>
<p>Linde Plc </p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>Data Centers, GHG Reduction and Targets, Renewable Energy </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>RESOLVED: </strong>Shareholders request that the Board of Directors adopt and publish a report, at reasonable cost and omitting proprietary and privileged information, disclosing if and how the Company could develop a policy guiding Linde plc’s (“Linde” or “the Company”) future procurement of renewable electricity.<br><br>In the board and management’s discretion, such a policy could:<br>1. Establish criteria to guide future procurement of renewable electricity across operations and geographic regions.<br>2. Describe the Company’s process for setting interim and long-term renewable electricity procurement targets in alignment with global decarbonization frameworks.<br>3. Detail how this policy will be governed, implemented, and periodically reviewed.</p>
<p><strong>Supporting Statement:</strong><br>The International Energy Agency (IEA)’s Net Zero scenario states that the global electricity sector must reach net zero emissions by 2040.1 As one of the world’s largest corporate electricity consumers,2 Linde should disclose a renewable energy procurement strategy to provide investors with insight into how future procurement decisions are governed, aligned with decarbonization frameworks, and managed.<br>Electricity consumption is central to Linde’s business model. The Company consumes 42.5 million megawatt-hours (MWh) of electricity annually3, more than the electricity consumption of Ireland,4 representing 25-30% of operating expenditures5, and generating 20.9 million metric tons of Scope 2 CO2e,6 equivalent to emissions of 5.5 coal-fired power stations.7<br><br>This level of electricity dependence exposes Linde to risks related to power availability, cost volatility, and grid reliability, which are expected to intensify as electricity demand from data centers more than doubles by 2030.8<br><br>Linde has also faced scrutiny for emissions reporting methodologies that make it difficult to verify its total climate impact.9 While Linde states that 47% of its electricity is sourced from low-carbon and renewable sources, this figure conflates actively procured renewable electricity with passive grid attribution, overstating progress, and limiting accurate assessment. This lack of clarity is compounded by Linde’s target to more than double low-carbon power sourcing to 28 terawatt-hours (TWh) by 2028 despite procuring only 6 TWh of active renewables in 2024.10<br><br>By contrast, peer Air Liquide, has set a 10 TWh renewable electricity target11, distinguishes active procurement in its disclosures12, and secured 2.5 TWh of power purchase agreements in 2024 alone13, offering investors greater transparency and confidence in progress.<br><br>A renewable electricity procurement policy could give clearer insights into how Linde manages material risks including energy market volatility, carbon price exposure, and growing regulatory requirements. Leading experts14 and comparable corporate electricity consumers, including Google15 and Apple16 emphasize that policy-level frameworks are essential for evaluating procurement options and aligning long-term planning with global decarbonization pathways.<br><br>For these reasons, we urge shareholders to vote FOR this proposal.<br>8</p>
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<p>1 https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf<br>2 https://cdn.cdp.net/cdp-production/cms/reports/documents/000/007/967/original/CDP_Energy_Report_2024_.pdf?1731582839<br>3 https://assets.linde.com/-/media/global/corporate/corporate/documents/sustainable-development/2024-cdp-response-climate-change.pdf<br>4 https://www.iea.org/countries/ireland/electricity<br>5 Carbon Disclosure Project (2023), Linde plc CDP Climate Change Questionnaire https://assets.linde.com/-/media/global/<br>corporate/corporate/documents/sustainable-development/2023-cdp-response-climate-change.pdf (pg 189)<br>6 https://assets.linde.com/-/media/global/corporate/corporate/documents/sustainable-development/2024-sustainable-development-report.pdf<br>7 https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results<br>8 https://www.iea.org/reports/energy-and-ai<br>9 https://www.energyconnects.com/news/utilities/2025/october/the-world-s-biggest-consumers-of-electricity-are-hidden-in-plain-sight/<br>10 https://assets.linde.com/-/media/global/corporate/corporate/documents/sustainable-development/2024-sustainable-development-report.pdf<br>11 https://www.airliquide.com/sites/airliquide.com/files/2024-09/air-liquide-climate-transition-plan-september-2024.pdf<br>12 https://www.airliquide.com/sites/airliquide.com/files/2025-03/performing-sustainably-2024-air-liquide-has-progressed-all-extra-financial-indicators-its-advance_67ea39e0bc334.pdf<br>13 https://www.airliquide.com/group/press-releases-news/2025-02-12/air-liquide-signed-record-volumes-ppas-2024-securing-over-2500-gwh-low-carbon-electricity-and<br>14 https://www.granular-energy.com/insights/247-cfe-coalition-guidelines?<br>15 https://sustainability.google/stories/24×7/<br>16 https://www.apple.com/environment/pdf/Apple_Supplier_Clean_Energy_Program_Update_2022.pdf</p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Madison Krieger</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>NorthStar Asset Management</span></div>
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<strong>Company:</strong>
<p>Linde Plc </p>
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<strong>Year:</strong>
<p>2025 </p>
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<strong>Issue Area:</strong>
<p>Lobbying & Political Contributions </p>
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<strong>Focus Area:</strong>
<p>Climate Lobbying </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p class=”p1″><strong>WHEREAS: </strong>The United Nations Framework Convention on Climate Change asserts that greenhouse gas emissions must decline by 43% from 2019 levels by 2030 and 65 percent by 2035 to avert the worst impacts of climate change, including more frequent and severe droughts, heatwaves, and rainfall.1</p>
<p class=”p3″>Linde (“Company”) acknowledges that promulgated regulations to reduce or mitigate the adverse effects of greenhouse gas (“GHG) emissions would represent a significant cost for Linde and that losses could arise from the physical effects of climate change.2 In response, the Company publicly committed to science-based 2035 GHG reduction targets and a 2050 climate neutrality ambition for its operational emissions.3 Linde has committed to conduct its engagement activities in line with the goals of the Paris Agreement and recognized that strong policy support is required to achieve its climate goals. However, the Company’s disclosure of its lobbying activities is uneven, making it challenging for investors to evaluate whether and how Linde’s advocacy efforts are consistent with its commitment. For example, in its 2024 CDP questionnaire, Linde provides some details of its indirect engagements on policy, however, the Company has not disclosed annual dues paid to each organization that it is a member of, does not distinguish how actual trade association lobbying activities align or misalign with Linde’s climate neutrality ambition, and has not disclosed an assessment of its membership in the American Fuel and Petroleum Manufacturers Association which has negatively engaged on climate.4</p>
<p class=”p5″>Inconsistencies in corporate lobbying between a company’s climate commitments can contribute to delays in emissions reductions which can harm shareholder value through increased physical risks to assets, abrupt policy changes, limited access to capital and insurance, and escalating health costs.5</p>
<p class=”p6″>Linde has spent <strong>$8.8 </strong>million on federal lobbying since 2014.6 This does not include state lobbying, where Linde also lobbies but disclosure is uneven or absent. The Company’s disclosure is limited to a sentence referencing its two largest public policy advocacy issues. In contrast, Honeywell, a key Linde competitor, has published a climate lobbying report7 with an assessment of Honeywell’s lobbying activities.</p>
<p class=”p1″><strong>RESOLVED: </strong>Shareholders of Linde request that the Board of Directors prepare a report, updated annually, describing whether and how Linde is aligning its lobbying activities, both direct and indirect (through trade associations, coalitions, and other organizations), with its climate neutral by 2050 goal.</p>
<p class=”p3″>Such disclosure, prepared at a reasonable cost and excluding proprietary information, could include the activities and positions analyzed, the criteria used to assess alignment, and external stakeholders consulted, if any.</p>
<p class=”p5″><strong>SUPPORTING STATEMENT: </strong>In evaluating the degree of alignment between the Company’s emissions goals and its lobbying, the proponent recommends that the Company assess policy influence activities, such as comment submissions, regarding climate provisions of legislation and regulation.</p>
<p class=”p7″>This request is generally consistent with the investor expectations described in the Global Standard on Responsible Climate Lobbying8, which is a useful resource for implementation.</p>
<p class=”p1″>1 https://unfccc.int/news/new-un-climate-change-report-shows-national-climate-plans-fall-miles-short-of-what-s needed</p>
<p class=”p2″>2 https://www.sec.gov/ix?doc=/Archives/edgar/data/l707925/000 l 62828024007424/lin-20231231.htm</p>
<p class=”p3″>3 https://assets.linde.com/-/media/globaVcorporate/corporate/documents/sustainable-development/linde-climate transition-plan-july-2023.pdf</p>
<p class=”p4″>4 https://lobbymap.org/intluencer/American-Fuel-Petrochemical-Manufacturers</p>
<p class=”p5″>cacc95lea59addfcc713fbb359e2680c</p>
<p class=”p4″>5 https://health2016.globalchange.gov/</p>
<p class=”p3″>6  https://www.opensecrets.org/orgs/linde-plc/summary?id=D000071865</p>
<p class=”p6″>7  https://investor.honeywel l.com/static-files/8fcf82b8-9576-4cd0-a555-a75883618t7 I</p>
<p class=”p1″>8 https://climate-lobbying.com/</p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> John Chevedden</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Chevedden Corporate Governance</span></div>
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Resolution Details

Company:

Linde Plc

Year:

2023

Issue Area:

Climate Change

Focus Area:

GHG Reduction and Targets

Status:

Withdrawn for Agreement

Resolution Text

WHEREAS: Investor demand for corporate greenhouse gas (“GHG”) emissions reduction reflects the reality that climate change poses direct risk to companies and systemic risk to the economy and investor portfolios. Experts agree that the window for limiting global warming to 1.5 degrees Celsius (“1.5°C”) is quickly narrowing, requiring immediate and 1.5°C aligned reductions from all market sectors.[1]

The chemical industry is the third largest emitter of carbon dioxide emissions.[2] Linde PLC (“Linde”) is the largest industrial gas company worldwide, relying on fossil fuels and energy-intensive processes to manufacture its primary products. Linde’s 2021 emissions totaled almost 60 million tons.[3]

While Linde has adopted GHG reduction targets for its Scope 1 and 2 emissions, it has not yet set a target for its significant Scope 3 value chain emissions, which comprise over a third of Linde’s total climate impact. Its Scope 3 emissions include value chain goods and services, capital goods, value chain energy production and use, and transportation and distribution.[4] Reducing its Scope 3 emissions provides opportunities for technological innovation, efficiency gains, and lower costs, while also reducing climate-related risk.

Investor groups, such as the CA100+ initiative, outline an expectation that companies should address relevant Scope 3 emissions.[5] Major competitor Air Liquide S.A. has adopted validated reduction targets for its Scope 1, 2, and 3 emissions through the Science Based Targets initiative.[6] Air Products expanded its existing climate commitments to include a goal to reduce its Scope 3 emissions intensity by 2030.[7]

By setting science-based reduction targets for its Scope 3 emissions, disclosing a decarbonization plan, and demonstrating progress towards these goals, Linde can align with peers and provide investors with assurance that Linde’s capital expenditure plans, growth strategies, and value chain engagements are aligned in achieving a 1.5°C trajectory.

BE IT RESOLVED: Shareholders request the Board issue a report, at reasonable expense and excluding confidential information, disclosing if and how Linde PLC intends to reduce the full range of its value chain greenhouse gas emissions in alignment with the Paris Agreement’s 1.5°C goal requiring Net Zero emissions by 2050.

SUPPORTING STATEMENT: Proponents recommend, at Board discretion, the report:

Disclose emissions from all relevant Scope 3 categories;
Provide a timeline for setting 1.5°C-aligned near-term and long-term Scope 3 emissions reduction goals to achieve net zero by 2050;
A climate transition plan to achieve emission reduction goals across all relevant emissions scopes;
A rationale for any decision not to set 1.5°C-aligned Scope 3 targets.

[1] https://report.ipcc.ch/ar6wg3/pdf/IPCC_AR6_WGIII_FinalDraft_FullReport.pdf

[2] https://www.iea.org/reports/chemicals, p. 2

[3] See https://www.linde.com/-/media/linde/merger/documents/sustainable-development/2022-cdp-response-climate-change.pdf%20%20 (calculated)

[4] https://www.linde.com/-/media/linde/merger/documents/sustainable-development/2022-cdp-response-climate-change.pdf, see p. 85-93, 134

[5] https://www.climateaction100.org/wp-content/uploads/2021/03/Climate-Action-100-Benchmark-Indicators-FINAL-3.12.pdf

[6] https://sciencebasedtargets.org/companies-taking-action

[7] https://www.airproducts.com/news-center/2022/07/0725-air-products-announces-additional-sustainability-commitments

Report on Alignment of Renewable Energy Goals

Resolution Details

Resolution Text