Action Speaks Louder

𝐓𝐋;𝐃𝐑: Linde argues publishing a renewable energy procurement policy would be redundant, pointing to its Scope 2 progress. But emissions reporting alone does not tell investors how the company plans to secure high-quality renewable electricity in a rapidly changing energy market. Electricity accounts for nearly a quarter of operating expenses, making it a material cost and transition risk. A public procurement policy would give investors confidence in Linde’s ability to secure affordable power, manage risk, and protect shareholder value. Next week at Linde's AGM on the 28th of July, shareholders will vote on a first-of-its-kind proposal: 𝐒𝐡𝐨𝐮𝐥𝐝 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐩𝐮𝐛𝐥𝐢𝐬𝐡 𝐚 𝐫𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐞𝐧𝐞𝐫𝐠𝐲 𝐩𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐩𝐨𝐥𝐢𝐜𝐲? The company argues this would be "redundant" due to their current Scope 2 progress. However, this does not stand up to scrutiny. Investors should look closer. Here’s why a public policy is a strategic necessity and not a duplicate effort: 1️⃣ 𝗢𝗻-𝐏𝐚𝐩𝐞𝐫 𝐑𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐯𝐬. 𝐑𝐞𝐚𝐥-𝐖𝐨𝐫𝐥𝐝 𝐆𝐫𝐢𝐝 𝐈𝐦𝐩𝐚𝐜𝐭 📌 𝐓𝐡𝐞 𝐏𝐫𝐨𝐛𝐥𝐞𝐦: Instruments like unbundled Renewable Energy Certificates (RECs) look good on paper but do little to drive real-world grid decarbonization. 👀 𝐓𝐡𝐞 𝐆𝐚𝐩: Linde doesn’t disclose its mix of RECs versus high-quality Power Purchase Agreements (PPAs). Without this, investors can't verify if emissions cuts are driving actual change or just clever accounting. 🔍︎ 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐨𝐫 𝐁𝐞𝐧𝐜𝐡𝐦𝐚𝐫𝐤: Peers like Air Liquide already disclose the volume and location of their PPAs annually, setting a clear transparency benchmark. Better disclosure on this would give investors clarity and the ability to assess Linde's progress against its targets. 2️⃣ 𝐓𝐡𝐞 𝐀𝐈 & 𝐇𝐲𝐩𝐞𝐫𝐬𝐜𝐚𝐥𝐞𝐫 𝐒𝐪𝐮𝐞𝐞𝐳𝐞: Energy grids globally are facing unprecedented demand, and Linde cannot afford a "wait-and-see" approach. 📊 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐢𝐭𝐲: Electricity accounts for nearly a quarter of Linde's operating expenses. 🌐 𝐇𝐲𝐩𝐞𝐫-𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧: Tech giants are willing to put large amounts of cash toward electricity procurement, which will make it harder for larger electricity consumers like Linde to compete than it has in the past. ⚠️ 𝐓𝐡𝐞 𝐑𝐢𝐬𝐤: Since PPA’s are signed in advance, if Linde doesn't proactively secure PPAs now, they risk long-term challenges that could threaten their 2035 emissions targets. 3️⃣ 𝐌𝐢𝐬𝐬𝐞𝐝 𝐇𝐞𝐝𝐠𝐢𝐧𝐠 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲: Renewables are a hedge against volatile energy markets, offering cost certainty. IEA analysis shows companies with baseload electricity requirements can meet 80% of their electricity needs on an hourly basis with wind, solar, and batteries at costs competitive with industry retail electricity prices. #Linde #IndustrialGases #RenewableEnergy #RenewableProcurement #CorporateSustainability

Linde’s mantra is ‘Be Limitless’ – but its renewable energy ambition says otherwise. Energy is central to Linde's business: it accounts for nearly a quarter of the company's operating expenses, and its annual electricity demand exceeds Google, Microsoft, and Meta. Yet less than a fifth of that power comes from active renewable sources. Our latest analysis identifies where Linde has the greatest opportunities to procure high-quality, affordable renewable energy across five key markets – and why its underinvestment in renewables puts customers and shareholders at risk. ⬇️ Why is Linde still leaving investors in the dark about its energy strategy? Tabled at the company’s 28 July AGM, a shareholder proposal filed by NorthStar — Progressive Wealth Management since 1990 calls on Linde to publish a renewable energy procurement policy. Linde: It’s time to choose – be behind, or be ahead. #Linde #IndustrialGases #RenewableEnergy

📌 Linde plc [NYSE: LIN]: Unhedged energy risk weakens long-term competitiveness. Energy accounts for approximately a quarter of Linde’s operating costs. Yet, the industrial gas giant remains heavily reliant on fossil-fuel-powered grids, with less than one-fifth of its electricity contracted through active renewables. Our analysis finds this underinvestment in renewables exposes Linde, its customers, and shareholders to power price volatility and a growing competitive disadvantage versus more proactive peers such as Air Liquide. Proposal 5 at the July 28 AGM calls for a policy guiding Linde’s renewable energy procurement ⬇️

📌 Linde plc [NYSE: LIN]: Why are investors in the dark about its energy strategy? Nearly a quarter of Linde’s operating expenses are tied to energy, and its annual electricity demand surpasses tech majors Google, Microsoft, and Meta. Yet less than one-fifth of its energy comes from active renewables. Backed by investors representing $4 trillion in AUM, Proposal 5 tabled at the July 28 AGM call on Linde to publish a renewable procurement policy. Our latest analysis identifies where Linde lags on renewable energy procurement despite strong and growing opportunities ⬇️

📌 Can Linde plc meet its goals without a renewable energy procurement policy? Linde is asking investors to trust it can deliver on its climate targets without one. However, competitor Air Liquide has secured a larger portion of its power via active renewables (25%) already, with Linde behind at less than a fifth (18%). Scaling wind and solar PPAs would strengthen competitiveness and reduce exposure to energy shocks. Our latest analysis identifies where Linde lags on renewable energy procurement despite strong and growing opportunities ⬇️

📌 A $4 trillion investor coalition is backing a landmark resolution at Linde plc [NYSE: LIN]. Two major energy shocks in recent years have shown that relying on fossil-fuel dominated grids is a gamble. Yet, Linde has not published a renewable energy procurement policy to safeguard its long-term competitiveness, putting customers and shareholders at risk. Backed by institutional investors representing over $4 trillion in assets under management, a first of its kind shareholder proposal is calling on Linde to raise its ambition and publish a renewable energy plan. Our latest analysis explores Linde’s risks and procurement opportunities in key markets ⬇️