A green shareholder activist group has decided to “pause” its work pushing oil companies to reduce their emissions amid a growing investor backlash against climate action.

Follow This has confirmed that it will not file any climate resolutions against oil and gas companies during the forthcoming AGM season for the first time since 2016.

The Netherlands-based group, which has been one of the most successful shareholder activists of recent years, blamed “the changing political landscape” and “the backlash against climate-conscious investors” for the decision by “most institutional shareholders” to pull their support for climate resolutions.

The group pointed to a number of US states which have taken legal action against big investors for supporting climate action, and the recent decision of US regulators to drop climate investment disclosure rules as key factors behind the trend.