Report on Alignment of Renewable Energy Goals | Interfaith Center on Corporate Responsibility

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<h4>Resolution Details</h4>
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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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