Activism Surges Globally, UK Considers Scrapping Climate Act, Pakistan's Solar Boom Strains Grid
Activism is surging worldwide, with a staggering 90% increase in the U.S. in the last quarter. Meanwhile, in the UK, Conservative leader Kemi Badenoch plans to scrap the Climate Change Act in favor of an energy policy focusing on lower consumer costs and expanded North Sea oil and gas production. In Pakistan, the rapid growth of rooftop solar is causing financial strain on the nation's electricity system.
The global trend of activism is evident in the U.S., where campaigns have skyrocketed by 90% in the last quarter. In the UK, Conservative leader Kemi Badenoch has proposed replacing the Climate Change Act with an energy policy that prioritizes lower consumer costs and expanded North Sea oil and gas production.
Pakistan's rooftop solar growth is booming, with the nation importing $1.5 billion of solar panels this year and expected to reach around 25 GW of distributed capacity. However, this rapid expansion is putting a strain on the nation's electricity financing model, with government collections falling and state struggling to service energy sector debt.
Shareholder activism has been particularly active in Australia, with 61 campaigns launched in Q3 alone, making it the busiest quarter on record. Activists have secured 98 board seats and driven approximately 25 CEO departures year-to-date. However, nominee companies, often subsidiaries of major global banks, are used to conceal the ultimate owners of stakes in Australian fossil fuel companies, making it difficult to track the financial support for these projects.
The acceleration of activism globally, particularly in the U.S. and Australia, is shaping the energy landscape. In the UK, the proposed replacement of the Climate Change Act signals a shift in energy policy. Meanwhile, Pakistan's rapid rooftop solar growth, while straining its electricity financing model, demonstrates a commitment to renewable energy. The use of nominee companies in Australia, however, raises questions about transparency and accountability in the fossil fuel industry.
