Financial Times | Campaign group draws support from 27 investors to support AGM motion for stronger targets
A resolution co-ordinated by an activist group calls on Shell to align its ‘medium-term’ greenhouse gas emissions target with the Paris Agreement to limit global warming
Europe’s largest asset manager Amundi has been joined by 26 investors demanding that Shell improve its environmental targets at its annual meeting, in the most significant shareholder push on climate policy faced by the oil and gas group.
The resolution, coordinated by the activist group Follow This, called on Shell to align its “medium-term” greenhouse gas emissions target with the Paris Agreement to limit global warming. Global emissions must fall by almost half by 2030 for those targets to be met.
The activist group has organised similar motions at Shell meetings since 2016 but support for the upcoming resolution has drawn the largest number of investment managers, said Follow This founder Mark van Baal.
Shell added that it was in the process of updating its energy transition strategy, which included climate targets, and that shareholders would have an opportunity to vote on the plan at the annual meeting.
The International Energy Agency has said that to meet the Paris Agreement goals there should be no new oil, gas or coal projects developed.
