abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeblueskyburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfilterflaggenderglobeglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalitywebwhatsappxIcons / Social / YouTube
Article

22 May 2018

Author:
Ron Bousso, Reuters

Investors turn up heat on Shell over climate targets

Top investors in Royal Dutch Shell (RDSa.L) on Tuesday put pressure on the oil and gas giant to commit to hard targets to reduce greenhouse gas emissions to battle climate change.  Shell has set out “ambitions” to halve carbon emissions by 2050 and expand in renewables, goals Chief Executive Officer Ben van Beurden said were ground breaking for the oil industry.  But he clashed with shareholders who had pushed climate to the forefront of the annual general meeting (AGM) and demanded Shell give specifics on how it would turn promises into action.  However, a motion that proposed setting targets was defeated...But a growing number of major shareholders... urged the Anglo-Dutch company to commit to firm targets to reduce carbon emissions from its oil and gas production, as well as from fuels it sells around the world.  “We call for this ambition to be translated into firm medium and short term targets, aligned with the Paris Agreement,” a group of 27 investors managing $7.9 trillion in assets said in a statement read at the AGM.  The group includes HSBC, BMO Capital Markets, AXA and UBS.  Shell’s board has urged shareholders to vote against a resolution brought forward for a vote at the AGM by activist group Follow This that called on Shell to set targets to reduce emissions and meet the 2015 Paris Climate Agreement goal that aims to limit global warming to “well below” 2 degrees Celsius.  The resolution was rejected by a majority of 95 percent...Although the Follow This motion was defeated, van Baal said companies were under more pressure to set clear goals...

Privacy information

This site uses cookies and other web storage technologies. You can set your privacy choices below. Changes will take effect immediately.

For more information on our use of web storage, please refer to our Data Usage and Cookies Policy

Strictly necessary storage

ON
OFF

Necessary storage enables core site functionality. This site cannot function without it, so it can only be disabled by changing settings in your browser.

Analytics cookie

ON
OFF

When you access our website we use Google Analytics to collect information on your visit. Accepting this cookie will allow us to understand more details about your journey, and improve how we surface information. All analytics information is anonymous and we do not use it to identify you. Google provides a Google Analytics opt-out add on for all popular browsers.

Promotional cookies

ON
OFF

We share news and updates on business and human rights through third party platforms, including social media and search engines. These cookies help us to understand the performance of these promotions.

Your privacy choices for this site

This site uses cookies and other web storage technologies to enhance your experience beyond necessary core functionality.