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In 2021, amidst a wave of corporate net-zero targets, a campaign group called Investors for Paris Compliance was set up in British Columbia, aiming to use investor pressure to hold Canadian companies to account on their climate promises.

In the five years since, the group has notched up several wins: pressuring National Bank into providing $20 billion of finance to renewable energy, getting Royal Bank of Canada to improve its green finance labels and persuading 20-25% of investors to regularly back climate proposals at annual general meetings (AGMs) for shareholders.

But last month, the group’s then executive director Matt Price put out a statement saying it was shutting down. Despite some progress, Price explained, his organisation had concluded that “investor accountability has reached its limits”.

Companies and their investors often understand that climate change threatens the economic system, Price said. But, he added, they do not respond adequately because they are worried that, if they do, their competitors will not put in as much effort and could therefore gain a financial advantage.

    This “tragedy of the commons” situation cannot be fixed by shareholder advocacy, Price said, but instead needs litigation, regulatory action and accountability mechanisms. “Some of our team will take those things on in new initiatives,” he said.

    Price’s words echo the findings of a London School of Economics (LSE) report published last month, based on workshops with asset owners and managers in New York, Amsterdam, London and Singapore.

    Government policy key

    The LSE report noted that “action by investors on climate change is severely constrained by their duties, the limited tools at their disposal and the pathways of technology development”. To be effective, pressure from climate-conscious investors must be coupled with government policy that incentivises green investment and technological innovation, the authors concluded.

    An investigation by the Guardian recently found that, despite overwhelming shareholder support for its climate action plan, Australian mining company BHP has carried on buying polluting diesel trucks instead of electric ones. The Australian government subsidises diesel, saving BHP hundreds of millions of dollars a year.

    As EU acts to stop greenwash, funds drop climate claims from their names

    Lindsey Stewart, director of institutional insights for investment research firm Morningstar, told Climate Home News that investor activism does work but it “doesn’t do everything that people expected it to do towards the beginning of the 2020s”.

    “There is a limit to what can be achieved by minority shareholders exercising their votes and engaging with companies. Quite a lot, it does seem, is reliant on the legal and regulatory framework,” he said, adding that the closure of Investors for Paris Compliance shows this “realisation is sinking in a lot more than perhaps it was in 2020, 2021, 2022”.

    Decline of investor activism

    Stewart said that in the early 2020s, investor activists were pushing companies for “things that were sort of already on the regulatory conveyor belt anyway”, like companies setting targets for their operational (Scope 1 and 2) emissions, disclosing their carbon footprints, and assessing their exposure to risk from climate change.

    With this low-hanging fruit picked, green-minded investors have moved on to make demands that are more controversial and have received less support from other investors, he said. He gave examples of just transition reporting, green capital expenditure financing ratios for banks and disclosing emissions from the use of products a company sells, known as Scope 3 emissions.

    On top of this, Stewart said, there has been pressure from the “right-wing political establishment in the US” against investors taking climate change into consideration. BlackRock, which manages $9.5 trillion of assets, has walked back its climate commitments after pressure from US Republicans.

    More fundamentally, Stewart described the idea that fossil fuel majors would dismantle their oil and gas business and transform into renewables companies as a “pipe dream on the part of environmentalists”. “Why would they have the skill or capability, or even the stakeholder backing, to completely transform a business of that size?” he asked.

    Shareholder activism is only possible at privately owned and listed companies, while most investment in oil and gas is now coming from state-owned companies, like Saudi Arabia’s Aramco. In 2025, less than a quarter of investment was from oil majors like BP and Shell.

    Business backlash shows power

    Yet despite the uphill climb, Mark van Baal defends shareholder activism. He runs an Amsterdam-based campaign group called Follow This, which has tried to get investors to vote for pro-climate resolutions at the AGMs of oil and gas multinationals.

    He accepts that success peaked around 2021, but says the effort oil and gas firms are now putting into winning over shareholders and discouraging pro-climate resolutions – which he characterised as “the Empire Strikes Back” – shows the power of shareholder activism, which was previously underestimated.

    Mark van Baal is the head of Follow This (Photo: Follow This)

    In January 2024, ExxonMobil sued Follow This, aiming to block the group’s climate resolution. Fearing the case would end up in the Supreme Court, where conservative judges could set an anti-climate precedent, Follow This withdrew the resolution.

    But, said van Baal, although the legal battle created a “chilling effect among investors”, it is a “proof point that shareholder pressure works and that they’re really afraid of the shareholders”.

    Vote, don’t sell

    Stewart and van Baal both agreed that selling, or threatening to sell off shares is not an effective way to change a company’s behaviour.

    It allows less climate-conscious investors to buy the shares, they said, adding that there is no evidence that threats to sell shares and therefore lower the valuation over climate concerns have influenced company management.

    Van Baal said the share price is set by short-term traders, not long-term shareholders like the pension funds he works with.

    How Shell is still benefiting from offloaded Niger Delta oil assets

    Nonetheless, investors’ engagement should be forceful, van Baal insisted – and not just within their comfort zone of talking to management about sustainability behind closed doors without voting for it at AGMs. “Shareholder democracy is the only democracy where voting is called escalation,” he said.

    The Follow This website says that only investors can stop fossil fuel companies destroying the planet. “Marches didn’t change their minds. Lawsuits didn’t stop them. But shareholders can,” it trumpets.

    But van Baal told Climate Home News this wording is “too strong” and may have to be revised, adding that shareholder activism just “fits me more than gluing myself to roads” and is a tactic he “stumbled on” 11 years ago.

    Legal, political and investor activism can reinforce each other, he added. When Friends of the Earth sued Shell alleging inadequate climate action, for example, the green group’s lawyers cited the company’s rejection of a Follow This resolution as evidence. “The pressure needs to come from all sides,” van Baal said.

    The post Investor climate group closes down, blaming “limits” of shareholder activism appeared first on Climate Home News.

    Investor climate group closes down, blaming “limits” of shareholder activism

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    Climate Change

    UN asks AI companies to reveal full environmental impacts

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    June 23, 2026

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    The head of the United Nations has launched an initiative aimed at holding artificial intelligence companies accountable for their exploding environmental impacts, including their carbon emissions, the amount of water and land used for data centres, and the energy they consume.

    During a speech at London Climate Action Week on Tuesday, António Guterres noted that AI can accelerate climate solutions, among other key challenges, and said its potential must be harnessed.

    “But AI is also hungry for land, water and power,” he emphasised, adding that the data centres needed to run AI models already consume more electricity than most countries.

    The UN Secretary-General repeated a call he first made in July 2025 for all big AI companies to commit to power every data centre with renewable energy by 2030.

    Some tech firms have announced they are sourcing or building out clean energy to run their hubs, but growing power demand is also contributing to gas-fired generation in the US, according to data from Global Energy Monitor.

    The International Energy Agency (IEA) estimates that data centres are set to more than double the emissions from the electricity they use between 2024 and 2030 in a high-growth scenario. But AI’s use could lead to far larger reductions in the energy sector through efficiency gains if adopted widely.

      ‘No more hidden costs’

      Proposing the new “AI Environmental Transparency Initiative” on Tuesday, Guterres also urged big AI firms companies to measure and publicly disclose the full environmental impact of their systems, including their carbon, water, and land footprints.

      “No more hidden costs. No more shifting the burden onto those least able to bear it. It is time to come clean,” he said in a major speech on responding to the world’s twin climate and energy crises. “If AI is to help build a better future, it must be honest about what it costs us now.”

      A report issued earlier this month by the UN University Institute for Water, Environment and Health noted that most current assessments of AI’s environmental cost focus on carbon emissions from training models. But, it added, this misses a substantial part of the picture.

      Every kilowatt-hour of electricity for AI also carries a water footprint, from cooling and generation, and a land footprint, from infrastructure and supply chains, it said.

      Explainer: Will AI data centres make or break the energy transition?

      The report estimated that AI data centres globally could consume 945 terawatt-hours of electricity annually by 2030 – more power than all but five countries and roughly twice France’s 2025 consumption.

      Offsetting this carbon footprint by 2030 would require growing some 6.7 billion trees over 10 years, it calculated. Producing power for the data centres would consume water equal to the basic needs of 1.3 billion people in sub-Saharan Africa for a year and take up land of more than 14,500 square kilometers, roughly twice the Jakarta metropolitan area.

      The European Union said earlier this month it will develop minimum energy-efficiency standards for both new and existing data centres, with a “needs assessment” ​due by 2027, Reuters reported. It’s also planning ⁠a sustainability label for data centres, covering criteria including water use and clean energy supply – but that has been delayed.    

      US community push-back 

      Asked after his speech what the response had been, the UN chief said “we’ll see”, without giving more details.

      But, he argued that, in his view, the push for transparency “is perfectly reasonable and even positive for the AI industry, because eventually some people will say that they consume much more than they really do”. “I think the truth is essential,” he added.

      Concerns about the environmental impacts of AI and the infrastructure needed to run the technology have led to growing opposition in some communities, especially in the US.

      This month, Monterey Park in Los Angeles County was the first city in the United States to enact a citywide prohibition on data centres through a voter-approved ballot measure. The developers behind a proposed centre in the area had already pulled the project in April amid an increasingly hostile local environment and regulatory uncertainty.

      The vote that stopped a data center: US communities query resource-hungry AI

      According to nonprofit Data Center Watch, around $64 billion-worth of data centre projects nationwide were delayed or blocked between May 2024 and March 2025 as communities pushed back against them.

      Industry lobby groups argue that data centres can provide economic benefits in their host communities. According to the US-based Data Center Coalition, which represents big operators and developers, data centres generate tax revenue, support construction and technical jobs, and provide infrastructure needed for cloud computing, scientific research and AI development.

      The industry has also challenged claims that data centers necessarily raise electricity costs for households.

      Force for good?

      The UN chief said benefits can be few in the places that are home to the data centre, while “communities are often left in the dark about the environmental impact of the infrastructure rising around them”.

      Guterres said companies have an “obligation” to be clear and open about the services they are offering but also the level of resources they require. 

      “Transparency is essential for the decisions that communities must make – and transparency is essential even for the future of artificial intelligence, and to make sure that artificial intelligence is essentially a force for good,” he told an audience of climate professionals in London

      A senior UN official told journalists ahead of Tuesday’s announcement that the AI industry has started to talk about and disclose some of their impacts, but those efforts are not yet comprehensive enough.

      The hope is that the new initiative will “encourage the industry to come together and take further action on it”, the official said.

      The post UN asks AI companies to reveal full environmental impacts appeared first on Climate Home News.

      UN asks AI companies to reveal full environmental impacts

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      Climate Change

      Prof Philippe Ciais: The world’s most highly cited climate scientist

      Published

      9 hours ago

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      June 23, 2026

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      Phillipe Ciais has spent almost four decades researching the planet’s carbon cycle – and the ways in which humans have been impacting its balance.

      Based at the Laboratoire des Sciences du Climat et de l’Environnement (LSCE) on the outskirts of Paris, Ciais (pronounced “see-es”) has been listed as an author on more than 1,300 peer-reviewed studies.

      In fact, analysis of Carbon Brief’s Cosmos database reveals that – by some distance – he is the most highly cited climate scientist in the world.

      In a wide-ranging interview, he discusses:

      The post Prof Philippe Ciais: The world’s most highly cited climate scientist appeared first on Carbon Brief.

      https://www.carbonbrief.org/prof-philippe-ciais-the-worlds-most-highly-cited-climate-scientist/

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      Climate Change

      Cited 23 June 2026: Project Cosmos launch | Science ‘under attack’ at Bonn | Emissions inequality

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      10 hours ago

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      June 23, 2026

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      Welcome to Cited, your essential guide to new climate research.

      In the news

      SCIENCE ‘UNDER ATTACK’: Climate Home News reported that “dozens” of countries called out “coordinated attacks” aimed at “undermining the role of climate science” at UN climate talks in Bonn, Germany, last week. According to the outlet, the countries said that UN decision-making had to remain based on the “best available science”, including the reports of the Intergovernmental Panel on Climate Change. One negotiator said that India and Saudi Arabia “opposed calls in draft texts to encourage scientific work on scenarios that would minimise the magnitude and duration of any overshoot of 1.5C”, the article noted. For more, read Carbon Brief’s summary of the negotiations.

      REPORT OPPOSITION: “Oil industry allies” in the US are targeting a report on extreme weather attribution, due to be published by the National Academies of Sciences, Engineering and Medicine, according to Politico. The outlet reported that the “heightened scrutiny – which involves a secretive opposition research group scouring scientists’ emails – has prompted two people to leave the 15-person panel tasked with producing the report”. Separately, the Guardian reported that the Trump administration has “reversed its decision” to dismantle the Ocean Observatories Initiative, a $368m deep-sea observation system.

      SUPER EL NIÑO: BBC News reported that the US National Oceanic and Atmospheric Administration announced that El Niño had “officially begun”. Forecasts suggest the event could be among the “strongest ever recorded”, it added. Meanwhile, a “vigorous debate” is taking place about whether climate change is making the El Niño phenomenon more intense, according to the New York Times. The outlet explained that some scientists see the run of “comparatively strong” El Niño events in recent decades as an indication that “climate change is supercharging El Niño”. However, it added that “others say there is no clear evidence to support that theory”.

      Research picks

      Water

      • Global sea level rise has nearly tripled the number of days since the 1970s when coastal water levels have surpassed average tide gauge readings | Science Advances
      • As the Arctic warms, increased iceberg activity could “reshape” deep-sea habitats and “elevate” navigational hazards as maritime traffic expands | Nature
      • Sea level rise has quadrupled the frequency of extreme coastal sea-level events since the year 1900 | Nature Climate Change

      Inequality

      • The top 10% of consumers are responsible for $1.7-5.7tn of environmental damage each year, surpassing international climate and biodiversity financing gaps | Communications Sustainability
      • Calculating an individual’s emissions based on their asset ownership suggests that wealthier people are responsible for an even higher share of global greenhouse gas emissions than indicated by past studies | Nature Climate Change
      • A plan that places equity at the “centre” of climate adaptation efforts in cities is needed to address the “stark disparities” between “affluent” and “disadvantaged” urban communities’ ability to prepare for extreme heat | PLOS Climate

      Extremes

      • In the western US, 42% of burned area over 2001-24 occurred during, and immediately following, heatwaves | Science Advances
      • “Hot-to-wet” whiplash events have become more frequent across Australia over the past century, with south-eastern Australia emerging as a hotspot | Journal of Climate
      • Rapid urbanisation, combined with more intense rainfall from tropical cyclones, have increased people’s exposure to “extreme” rainfall from tropical cyclones across China | Journal of Hydrometeorology

      Captured

      Chart showing that population growth and a warming world have driven up the number of people exposed to extreme heat since the 1970s

      One billion additional people face at least one day of “extreme heat stress” every year compared to the 1970s, according to research published in Nature Climate Change.

      The chart shows changes in “strong” (top), “very strong” (middle) and “extreme” (bottom) heat stress, defined as a “universal thermal climate index” above 32C, 38C and 46C, respectively. The grey bar shows the percentage of the global population exposed to at least one, 30 or 90 days of heat stress in 1970. The light and dark blue bars show the number of additional people experiencing heat stress over 2015-24 due to population growth and rising global temperatures, respectively.

      10%

      Equivalent damage to the UK’s GDP caused by climate change if global warming reaches 4C by 2100, according to new research in Nature Climate Change. The study estimates a range of 2-20%.

      Spotlight

      Introducing: Project Cosmos

      Carbon Brief explains how it built a major new database of climate science research and unveils a new ranking of the 500 most highly cited publications, authors and institutions in climate science.

      This week, Carbon Brief launched Project Cosmos – the world’s largest and most complete database of climate change research.

      The database features more than 1.8m academic papers, books and reports, capturing the vast body of human knowledge about climate change that has accumulated over more than a century of academic study.

      The climate science “universe” is based on reports from the Intergovernmental Panel on Climate Change (IPCC), which are recognised as the world’s most authoritative summaries of the latest climate science.

      Since its first report was published in 1990, humanity’s knowledge about human-caused climate change has ballooned. The IPCC has published six sets of reports in total – each one longer than the last.

      In total, IPCC reports reference more than 100,000 other papers, books and reports. This is the core of our climate science universe. Carbon Brief then built on this core, by looking at four other sources of data. Read more about how the Cosmos database was created here.

      Every single publication in the Cosmos database is linked to at least one other through references. Visualising these links reveals a “galaxy” of references. In the image above, each colour and cluster reveals different topics and densities of research. Explore the galaxy in an interactive map here.

      Cosmos 500

      As part of an initial wave of preliminary analysis to demonstrate the scope of the Project Cosmos database, Carbon Brief has ranked the 500 most highly cited publications, authors and institutions in the database.

      The most highly cited climate scientist is Prof Philippe Ciais, who has spent almost four decades researching the planet’s carbon cycle – and the ways in which humans have been impacting its balance. Carbon Brief recently interviewed Ciais in Paris.

      The US tops the tables for the most highly-cited authors and institutions. Almost half of the 500 most highly-cited authors are from US institutions. This raises particular concerns for the future of climate science, as American climate scientists and institutions are coming under attack under the Trump administration.

      Experts from global south countries account for only 4% of all authors in the Cosmos 500. China stands out as the most highly-cited global south country. Meanwhile, only 10% of authors in the Cosmos 500 are women.

      There are many possibilities for future avenues of research using the Cosmos database. Over time, the database could be used to reveal, for example, how interest in different areas of climate science has changed over time, plus identify potential knowledge gaps and, thus, opportunities for future research.

      Carbon Brief invites researchers – including academics, journalists and analysts – to submit their own proposals for co-authored studies, literature reviews and analytical projects.

      Preprints to watch

      Carbon Brief’s pick of new papers still going through peer review

      • Regional reductions in aerosol emissions can “temporarily amplify” the likelihood of record-breaking heat events | Environmental Research: Climate
      • Analysis of Reddit posts suggests the Fridays for Future movement has created “wider awareness” of global warming by drawing attention to climate change and “climate actions” | npj climate action
      • Periods of simultaneous low wind and solar power generation, known as “renewable energy droughts”, will “intensify progressively” as the planet warms | Nature portfolio

      Noticeboard

      • 28-30 June: Seventh global conference on climate and sustainable development goal synergies, Bangkok, Thailand
      • 29 June-1 July: Exeter climate conference, Exeter, UK
      • 29 June-1 July: National Academy of Sciences hybrid workshop on seabed critical mineral resources, Irvine, US
      • 30 June: Submission deadline for abstracts for MedCLIVAR conference, scheduled for 21-25 September in Limassol, Cyprus 
      • 30 June: Application deadline for postdoctoral position in ice-ocean interactions at the Physics Laboratory of Ecole Normale Supérieure de Lyon | Salary: €3,071-4,714 per month. Location: Lyon, France
      • 30 June: Submissions open for abstracts for the pan-African conference on environment, climate change and health, scheduled for 21-24 October in Nairobi, Kenya 
      • 8 July: Application deadline for position as research officer in climate science and law at the Grantham Research Institute | Salary: £43,277-51,714. Location: London, UK
      • 10 July: Application deadline for position as associate or senior editor at Nature Water | Salary: Unknown. Location: Shanghai, Beijing or Milan

      Cited is researched and written by Cecilia Keating, Robert McSweeney, Ayesha Tandon, Daisy Dunne and Dr Giuliana Viglione.

      Please send tips, feedback and upcoming climate research to cited@carbonbrief.org

      This is an online version of Carbon Brief’s fortnightly Cited email newsletter. Subscribe for free here.

      The post Cited 23 June 2026: Project Cosmos launch | Science ‘under attack’ at Bonn | Emissions inequality appeared first on Carbon Brief.

      Cited 23 June 2026: Project Cosmos launch | Science ‘under attack’ at Bonn | Emissions inequality

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