Siemens Grabs Greenwash Brush, Blows Off Activists, Helps Adani Mine 705 Million Tons Of Coal/Year
Climate protests loomed over the Siemens annual shareholder meeting Wednesday, as activists demanded the industrial giant exit fossil fuel projects and shareholders sharply questioned the firm's handling of a coal mine contract in Australia. Activists' pleas were largely brushed off by the firm's leadership, which highlighted its sixth-consecutive year of increasing dividends. It also plans to take its energy division public later this year as part of a larger restructuring plan that includes a growing focus on renewable energy. "They are right to warn us," CEO Joe Kaeser said of protestors early in his remarks. "But protests alone do not provide solutions."
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Siemens has pledged to become carbon neutral by 2030. But the firm recently entered activists' crosshairs for its planned participation in the Australian coal mine in Adani, where carbon emissions would amount to 705 million tons annually. The firm has an €18 million ($19.8 million) contract to provide signal technology for a rail line connecting the mine to the coast.
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Uniting the attendees, however, was criticism of Kaeser's handling of the Adani project. Kaeser, who has been vocal over labor and environment issues, drew headlines when he agreed to reconsider the contract over the summer. He later said pulling out of the deal would be problematic, and the Siemens board unanimously approved remaining. Kaeser then offered a seat on the firm's advisory board to one of the Fridays for Futures leaders. She rejected the offer, and Kaeser later denied he had offered a seat. Representatives of larger shareholder groups scolded Kaeser on Wednesday.
Some argued Siemens lost standing among its clients by threatening a pullout of Adani. Others said the firm had hurt itself by pursuing the project in the first place. Shareholder representative Daniela Bergdolt said Siemens needed to focus on business. The back-and-forth with climate activists was a black eye, she said. "What this conversation offers a large company like ours is questionable," Bergdolt told attendees.
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https://www.dw.com/en/can-german-industrial-giant-siemens-save-the-climate/a-52267117