A group of Dutch investors managing assets worth nearly 1.5 trillion euros threatened on Friday to oppose oil and gas sector executives’ pay plans if their companies failed to set climate change goals in line with the Paris Agreement on global warming.

The institutional investors, including the asset management arms of insurers Aegon(AEGN.AS) and NN Group (NN.AS) and PGGM and MN Services, control 1.48 trillion euros ($1.64 trillion) in assets.

They said they expected the oil and gas sector to be “at the forefront of the (energy) transition” designed to cap global warming at 1.5 degrees Celsius above the pre-industrial average, and would use their voting rights to push for that, urging other shareholders to do the same.

Dutch investor group targets oil, gas execs’ pay plans if climate goals fall short | Reuters