CNBC — A Dutch court on Wednesday ruled oil giant Royal Dutch Shell must reduce its carbon emissions by 45% by 2030 from 2019 levels. The landmark ruling comes at a time when the world’s largest corporate emitters are under immense pressure to set short, medium and long-term emissions targets that are consistent with the Paris Agreement.
Mark van Baal, founder of Dutch group Follow This, told CNBC via email that the judge’s ruling shows “Big Oil can no longer dismiss the crucial role it has to play in the fight against climate change.”
At Shell’s annual general meeting last week, shareholders voted overwhelmingly in favor of the company’s energy transition plans — but, crucially, a growing minority rejected the strategy, insisting the oil giant needed to do much more in the fight against climate change.
Activist investor Follow This said at the time that the result was likely to mean Shell would have to revise its climate targets once again.
