New report by Action Speaks Louder finds Linde lagging on clean power transition, highlighting grid dependence and rising competitive pressure from faster-moving rival
London, 3 June 2026 – Amid renewed volatility in global energy markets following the recent conflict in Iran, a new investigation by not-for-profit organization Action Speaks Louder (ASL) warns that Linde plc (“Linde”) is exposing shareholders to rising power price volatility and potential competitive weakness through its underinvestment in renewable energy.
The International Energy Agency underscores the scale of the broader threat, calling the current shock “the greatest global energy security threat in history” – a warning that carries particular significance for Linde, one of the world’s largest electricity users, consuming more power per year than Google, Microsoft or Meta.
For a multinational company for which energy represents around a quarter of total operating costs, the report finds that Linde’s continued dependence on fossil fuel-dominated grid electricity represents a glaring blind spot in its long-term energy strategy.
ASL argues that despite repeated energy shocks in recent years, Linde has foregone numerous opportunities to transition its global operations to clean power and insulate itself from future energy shocks, even as it is increasingly outpaced by rival Air Liquide and other large energy users in the transition to renewables. Just 17% of Linde’s electricity came from actively procured renewable sources in 2024, compared to 24.8% at Air Liquide.
The findings come ahead of a landmark shareholder vote at the industrial gas giant’s Annual General Meeting on 28th July in London. The resolution calls on Linde to develop a policy guiding its future renewable electricity procurement. Filed by NorthStar Asset Management, the resolution has backing from investors representing more than $4 trillion in assets under management, the first of its kind aimed at a heavy industry major.
By analysing Linde’s air separation units (ASUs) – highly electricity-intensive assets used to separate oxygen, nitrogen and other gases from air – across five key markets: South Korea, India, the United States, Germany and Ireland – ASL finds that Linde sources little to no high-quality renewable electricity in these regions, despite abundant corporate renewable procurement opportunities.
“Wind, solar, and batteries are cheap and reliable, and they aren’t vulnerable to the fossil fuel price shocks we’ve seen multiple times in recent years. It’s time for Linde to invest in its long-term competitiveness and resilience by scaling renewables across its operations.” – Lydia Heinrichs, Senior Analyst, Action Speaks Louder.
This exposure leaves the company vulnerable to rising and volatile electricity prices that could, over time, eat into profit margins or erode its customer base, particularly in segments where customers hold greater pricing power.
Crucially, the report warns that Linde’s renewables deficit could undermine its competitiveness in key growth markets including South Korea, the United States and India, as customers increasingly demand low-emissions gases. In the US, Linde supplies gases to strategic partner and semiconductor chip-maker TSMC, whose customers include Apple and NVIDIA – companies that have adopted supply chain emissions targets. Yet according to its 2025 CDP report, Linde did not actively purchase any renewable electricity anywhere in the US in 2024, raising questions over its preparedness to meet such demand.
Finally, as AI-fuelled electricity demand strains grids around the world, the report argues that Linde faces material operational risks from increasing instability in grid electricity. Power shortages from faults in grid supply could even risk the long-term resilience of Linde’s strategic partnerships, for example in the growing semiconductor sector, for which security of gas supply is critical.
“The findings reinforce our concern that Linde’s approach to electricity procurement may be exposing shareholders what we believe are avoidable costs and unnecessary market volatility.” – Madison Krieger, Activism and Impact Research Analyst, NorthStar Asset Management.
To improve energy resilience and transparency, ASL joins shareholders in calling on Linde to disclose its criteria guiding future procurement of renewable electricity across its operations and geographic regions, describing the company’s process for setting interim and long-term renewable electricity procurement targets in alignment with global decarbonization frameworks and detailing how this policy will be governed, implemented, and periodically reviewed.