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27 Shareholders, 5% Shell Shares, Independent Resolution, Climate Goals, Pressure, Profits, Investments in Renewable Energies, Carbon Emissions, Business Transition, Credible Goal.
A group of 27 shareholders, holding about 5% of Shell shares, presented an independent resolution urging the energy company to establish more stringent climate goals, marking one of the largest efforts of this kind to date.
The resolution, led by activist shareholder Follow This, will be submitted for a vote at Shell’s annual general meeting later this year, highlighting investors’ desire for meaningful changes in the company’s climate policy.
Investors Press Shell for More Ambitious Climate Goals
The group of investors, who collectively manage about US$ 4.8 trillion in assets, includes Amundi, Morgan Stanley, Scottish Widows, UBS, Rathbones Group, and Edmond de Rothschild Asset Management, Follow This stated in a statement.
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Independent Resolution Urges Shell to Align Climate Goals with Paris Agreement
The resolution, which follows previous ones from Follow This, pressures Shell to align its medium-term carbon emissions reduction targets with the Paris Climate Agreement, including emissions from fuels burned by consumers, known as Scope 3 emissions.
Shell’s Ongoing Effort to Reduce Emissions and Increase Renewable Investments
Shell currently aims to halve its operational emissions by 2030 and reduce the intensity of its global emissions, including Scope 3. The company is also ramping up its investments in renewable energies and in cleaner fossil fuel production.
Challenges Faced by Shell at Last Annual General Meeting
Last year, Follow This’s resolution received 20% support from shareholders at the end of a noisy AGM, where protesters attempted to storm the stage. This reflects increasing pressure on Shell to commit to more ambitious climate goals.
The Importance of Establishing Credible Scope 3 Emission Targets
‘We ask Shell to set a credible target for absolute Scope 3 emissions. This would demonstrate leadership, show that Shell takes its business transition seriously, and play a role in generating real-world change’, said Diandra Soobiah, head of responsible investment at the British pension plan NEST.
Shell’s Response and Goals Aligned with Paris Agreement
Shell stated in response that its climate goals are aligned with the 2015 Paris Agreement to limit global warming to ‘well below’ 2 degrees Celsius above pre-industrial levels by 2100. The company argues that it is committed to the mitigation of climate change and to the transition to a more sustainable economy.
Shell’s Transparency in Energy Transition and Climate Strategy
‘The Shell Board has already warned shareholders that the Follow This resolution was unrealistic and simplistic, would have no impact on mitigating climate change, would have negative consequences for our customers, and was against the interests of the company and our shareholders’, stated Shell in a statement. Sawan, who took over in January 2023, said last year that Shell is changing its ‘pathway’ to meet its ambition of becoming a net-zero carbon-emissions company by 2050.
Update on Shell’s Strategy and Commitment to Net-Zero Emissions
Shell will publish its first energy transition strategy update in early 2024, which will be put to an advisory vote at the Annual General Meeting, it said. This demonstrates the company’s commitment to being transparent and accountable regarding its climate strategy and the transition to a low-carbon economy.
(Reuters – Reporting by Ron Bousso; Editing by Sharon Singleton)
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