Sky News | Shell has reported better than expected first quarter profits and moved to woo shareholders as it battles a group of major investors seeking greater action against climate change at the company.
[…]The results were released as investors face pressure from a group of shareholders with a combined 5% holding to force the company into tighter climate targets.
The resolution, led by activist shareholder Follow This, is due to be voted on at Shell’s annual general meeting on 21 May. Other signatories include Amundi, Axa IM and Scottish Widows.
It calls on Shell to align its medium-term carbon emissions reduction targets with the Paris Climate Agreement, including emissions from fuels burnt by consumers, known as Scope 3 emissions.
[…]Follow This, whose stated goal is to align big oil firms with the legally binding targets agreed at the 2015 Paris summit, has accused Shell of rowing back on its responsibilities.
In March, Shell weakened a 2030 carbon reduction target and scrapped a 2035 objective, citing expectations for strong gas demand and uncertainty in the energy transition even as it affirmed a plan to cut emissions to net zero by 2050.
Mark van Baal, founder of Follow This, responded: “Now the ball is in the court of other responsible investors.
“We expect that they will side with their peers instead of the board of Shell.”
