Together with 23 institutional investors, we submitted new resolutions to Shell and BP. Our question: how will these companies continue to create value as demand for oil and gas declines?
Why these resolutions?
In recent years, we asked Shell, BP, and other oil companies to set emission reduction targets. That worked. Several companies set targets and invested in clean energy.
But support from large investors stalled. Around 20 percent, for a few years now. Some oil companies even scaled back their climate ambitions.
After a year of discussions with institutional investors, we concluded that a different approach was needed.
Our new approach: from emission targets to financial transparency
For years, we asked oil companies to reduce their emissions. That worked, but support from major investors stalled. That is why we are now asking a different question — not a climate question, but a financial question: how will this company continue to create value as demand for oil and gas declines?
Specifically, we are asking Shell and BP to publish a report on their strategy, investments, production forecasts, and cash flows for scenarios of declining demand for fossil fuels.
Ultimately, it’s about the climate
If oil companies continue to invest in fossil fuels, the earth will continue to warm. Shell and BP are jointly responsible for more emissions than most countries. If they don’t change, we won’t achieve the Paris targets.
By forcing them to consider a future with less oil and gas, we are pushing them towards clean energy. Because a management team that takes an honest look at declining demand can only come to one conclusion: investing in fossil fuels is a dead end.
Our message remains unchanged. Our approach has been renewed.
Shell employees support the resolution
For the first time, the Shell resolution is being co-sponsored by current and former Shell employees. Five people who currently work at Shell and nineteen former employees support our call.
“We want Shell to have a future,” says Arjan Keizer, one of them. “That’s why we support this resolution.”
Even from within, doubts are growing about the current course.
Stronger together
These resolutions are possible thanks to our green shareholders and the 23 institutional investors who are co-sponsoring them. In the coming months, we will be increasing the pressure ahead of the shareholder meetings.
