LONDON, May 22 — More than a fifth of Shell investors have revolted against its climate strategy in a key vote, the British energy giant revealed Tuesday.
Shell said in a statement that almost 22 per cent of shareholders rejected its current climate plan, in a vote held at the group’s annual general meeting.
Management faced criticism from investors and environmental protestors alike during the AGM that was held in the British capital.
Almost 19 per cent of shareholder votes supported a proposal for stricter emissions reductions in line with goals of the landmark Paris climate accord.
Tuesday’s revolt mirrored a shareholder rebellion last year, where a similar proportion voted against the board’s proposals.
This week’s meeting was the first time the shareholders met since the oil and gas giant scaled back several climate targets last year.
Shell in March diluted its climate targets, including on “net carbon intensity”, a measurement of emissions produced by each unit of energy sold.
The group had said net carbon intensity would be cut 15-20 per cent by 2030 compared to 2016 levels. That marked a dilution from its previous 20-per cent target.
Climate activists on Tuesday disrupted Shell’s shareholder meeting, accusing the oil giant of “greenwashing” — or making misleading climate-related statements to boost its reputation.
Chairman Andrew MacKenzie was interrupted by Greenpeace activists, who stood up and started singing “Shell kills, Shell kills, Shell kills, Shell kills”, to the tune of Dolly Parton’s song Jolene.
MacKenzie however defended the company’s stance, emphasising the goal to be net zero by 2050 and explaining how Shell believed the energy system will transition in the decades ahead.
Chief Executive Wael Sawan meanwhile insisted Shell is “very much aligned with achieving a 2050 net zero outcome”, when faced with questioning by environmentalists.
Under the 2015 Paris deal, nations pledged to reach net-zero carbon emissions by the middle of the century with the aspirational goal of limiting the increase in global temperatures to 1.5 C above pre-industrial levels. — AFP
