Reuters | April 8 2019

An activist group said it has withdrawn a shareholder resolution calling on Royal Dutch Shell to change its climate policy after the oil and gas company reached a broad agreement with investors on the issue.

The Anglo-Dutch energy company drew rare praise from investors and environmental activists in December when it set out plans to introduce industry-leading targets to reduce greenhouse gas emissions and link them to executive pay.

“We have decided to give Shell time to bring that climate ambition into line with the Paris Climate Agreement,” Follow This founder Mark van Baal said in a statement.

Follow This said Shell’s ambition to halve overall emissions by 2050 needed to be “sharpened” in order to be aligned with the Paris Climate Agreement.

Follow This also targets Shell’s rivals BP, Equinor and Chevron with shareholder resolutions.

More on Reuters