Linde plc Faces Investor, Environmentalist Criticism Over €18M Irish Electricity Bill, Renewables Policy
Linde plc's Irish subsidiary, BOC Gases Ireland, faces criticism for its €18 million annual electricity bill and insufficient renewables policy. Environmentalists and investors, including NorthStar Asset Management, highlight the company's significant energy consumption and passive approach to green energy. They urge Linde to adopt a more active renewables strategy, while the board defends its existing climate goals.
BOC Gases Ireland, part of New York-listed Linde plc, faces criticism from investors and environmentalists for its high energy consumption and lack of a clear renewables policy. The company's Irish business spends approximately €18 million annually on electricity, consuming enough to power all Dublin homes for two months, according to environmental group Action Speaks Louder (ASL).
ASL estimates BOC Gases Ireland spent €17.6 million on electricity last year and approximately €18 million annually between 2022 and 2025. This is based on BOC's environmental report and data from the Environmental Protection Agency. Last year, BOC earned €15 million supplying medical gases to the Health Service Executive.
Shareholder NorthStar Asset Management has filed a motion for Linde's annual general meeting in London next month, highlighting that Linde globally consumes 42.5 million megawatt hours of electricity annually, exceeding Ireland's total consumption. NorthStar and ASL argue that Linde's reliance on national grids for its renewable energy claims is "passive" and exposes the company to price volatility and supply risks. They advocate for active steps to increase green power use. The Linde board recommends shareholders vote against NorthStar's proposal, stating the group has comprehensive climate change goals and transparent disclosures.