A new investigation by Action Speaks Louder warns that Linde is exposing shareholders to energy price volatility and potential competitive weakness through its underinvestment in renewable energy.
With energy markets having suffered two major crises in the last five years, including the shock caused by the recent conflict in Iran, the latest investigation highlights the acute risks of Linde’s high exposure to fossil fuels. As a large energy consumer spending around a quarter of operational costs on energy, Linde is significantly exposed to energy volatility risks.
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 purchases little to no high-quality renewable electricity in these regions, despite their thriving or rapidly growing markets for corporate procurement. corporate renewable procurement opportunities.
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 17.7% of Linde’s electricity came from actively procured renewable sources in 2025, compared to 24.8% at Air Liquide. Meanwhile, other large corporate electricity consumers with similar requirements for high-quality power supply have attained much higher levels of renewable electricity use than the industrial gas sector; Google, for instance, reported 76% active renewable energy use in 2024.
Linde’s shareholders are concerned: The findings come ahead of a pivotal resolution filed by NorthStar Asset Management and backed by investors representing over $4 trillion in assets under management. The resolution calls on Linde to develop a policy guiding its future renewable electricity procurement, the first of its kind aimed at a heavy industry major.
ASL analysis suggests Linde’s slow progress on renewables 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 source any renewable electricity anywhere in the US in 2024, raising questions over its preparedness to meet such demand.
Finally, as AI-fueled electricity demand strains grids around the world, Linde faces material operational risks from increasing instability in grid electricity.
Investments in wind, solar, and batteries, whether through on-site assets or long-term contracts such as power purchase agreements (PPAs), would provide cost certainty and stability to Linde and its customers, supporting Linde’s long-term competitiveness.
ASL calls on Linde to:
- Disclose its share of hourly-matched renewable electricity use and the volume of renewable PPAs it has signed
- Scale up renewable PPA procurement
- Expand investment in on-site renewables and storage where feasible.
- Quadruple active wind and solar procurement by 2030 from a 2022 baseline.
