The United Nations Framework Convention on Climate Change asserts that greenhouse gas emissions must decline by 43 percent 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]?

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]

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]

Linde has spent approximately $8,820,000 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 report[7] with an assessment of Honeywell’s lobbying activities.

Resolved:

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.?

Such disclosure, prepared at 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.?