Climate Change – Royal Dutch Shell Plc .com http://royaldutchshellplc.com News and information on Royal Dutch Shell Plc Thu, 24 May 2018 19:27:21 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.6 https://i0.wp.com/royaldutchshellplc.com/wp-content/uploads/2017/04/cropped-Screen-Shot-2017-03-31-at-15.44.47.jpg?fit=32%2C32 Climate Change – Royal Dutch Shell Plc .com http://royaldutchshellplc.com 32 32 4172002 Climate Change Warriors’ Latest Weapon of Choice Is Litigation http://royaldutchshellplc.com/2018/05/24/climate-change-warriors-latest-weapon-of-choice-is-litigation/ http://royaldutchshellplc.com/2018/05/24/climate-change-warriors-latest-weapon-of-choice-is-litigation/#respond Thu, 24 May 2018 16:15:59 +0000 http://royaldutchshellplc.com/?p=96899 Climate Change Warriors’ Latest Weapon of Choice Is Litigation was first posted on May 24, 2018 at 5:15 pm.
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By Jeremy Hodges, Lauren Leatherby and Kartikay Mehrotra
May 24, 2018

In the global fight against climate change, one tool is proving increasingly popular: litigation. From California to the Philippines, activists, governments and concerned citizens are suing the biggest polluters and national governments over the effects of climate change at a break-neck pace. “The courts are our last, best hope at this moment of irreversible harm to our planet and life on it,” said Julia Olson, an attorney for Our Children’s Trust, a legal challenge center in the U.S. that is involved in climate change litigation across 13 countries, including the U.S., Pakistan and Uganda. Cases by San Francisco and Oakland face a motion to dismiss the lawsuit today in a California federal court, where Chevron Corp., BP Plc, Exxon Mobil Corp., ConocoPhilips and Royal Dutch Shell Plc will argue that remedies and penalties for climate change are a matter for lawmakers, not a single judge.

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Climate Change Warriors’ Latest Weapon of Choice Is Litigation was first posted on May 24, 2018 at 5:15 pm.
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German solar battery maker sonnen secures Shell cash to expand http://royaldutchshellplc.com/2018/05/24/96895/ http://royaldutchshellplc.com/2018/05/24/96895/#respond Thu, 24 May 2018 16:10:12 +0000 http://royaldutchshellplc.com/?p=96895 German solar battery maker sonnen secures Shell cash to expand was first posted on May 24, 2018 at 5:10 pm.
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Shell Sees Off Controversial Votes on Climate Change, CEO Pay http://royaldutchshellplc.com/2018/05/22/shell-sees-off-controversial-votes-on-climate-change-ceo-pay/ http://royaldutchshellplc.com/2018/05/22/shell-sees-off-controversial-votes-on-climate-change-ceo-pay/#respond Tue, 22 May 2018 16:48:05 +0000 http://royaldutchshellplc.com/?p=96876 Shell Sees Off Controversial Votes on Climate Change, CEO Pay was first posted on May 22, 2018 at 5:48 pm.
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Photographer: Andrey Rudakov/Bloomberg

Kelly Gilblom: 22 May 2018, 14:48 BST

Royal Dutch Shell Plc has seen off the two most debated issues at its shareholder meeting — the boss’s pay and responsibility in tackling climate change. But not without a degree of drama.

The company won the backing of about 94 percent of shareholders to not set specific emission-reduction targets, with Chief Executive Officer Ben van Beurden saying it is taking “leadership” on the issue. However, while almost 75 percent of investors also approved the remuneration report, it faced stiffer resistance after an influential advisory firm asked them to reject the package.

Van Beurden has said he understands best how to steer Europe’s largest oil and gas company through a life-changing energy transition, and is several steps ahead of what activist shareholders are demanding. A group of investors, who together manage more than $10 trillion of funds, last week wanted oil companies globally to take tougher action on emissions. Shell has faced a resolution on climate targets from investor group Follow This for a third year in a row.

“We hear Follow This wants us to take leadership. Your company is taking leadership. My response is: follow us,” Van Beurden said. “We have ambitions completely consistent and compatible with the Paris agreement.”

The push to eliminate carbon emissions from the world is a massive challenge for oil and gas companies. By Shell’s estimate, to achieve goals set out in the Paris Climate Agreement and reduce the risk of catastrophic climate change, by 2060 the world must be eliminating more carbon than it’s emitting.

This argued Shell’s ambitions weren’t good enough and that it’s misleading to tell shareholders its plans are aligned with the Paris agreement. Van Beurden forcefully rejected the suggestion, right before the results of the vote were displayed on a large screen.

Mark van Baal, the founder of Follow This, told reporters after the meeting that he was pleased there was a debate on the topic. He said Shell’s announcement last year that it would set climate ambitions, which included reducing emissions from customers using their products, was partly due to Follow This’s advocacy.

It was, however, not all plain sailing for Shell. While the company won support for its remuneration report, including Van Beurden’s 8.54 million euros ($10 million) pay last year, more than 25 percent of investors rejected it compared with about 8 percent last year. Institutional Shareholder Services Inc., an adviser on corporate governance, had recommended rejecting the report because the company was initially “silent” on a fatal accident in Pakistan.
The catastrophe occurred last June, after a fuel truck being driven by a Shell sub-contractor rolled over in Punjab province. People from a nearby village approached the site to collect spilling fuel, which then ignited, killing 221 people and injuring 56 others.

“We must learn from this devastating event,” Shell Chairman Chad Holliday said at the meeting. “We are doing a deep learning process around this tragedy.”

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Large investors ask Shell to set targets to comply with Paris climate accord http://royaldutchshellplc.com/2018/05/22/large-investors-ask-shell-to-set-targets-to-comply-with-paris-climate-accord/ http://royaldutchshellplc.com/2018/05/22/large-investors-ask-shell-to-set-targets-to-comply-with-paris-climate-accord/#respond Tue, 22 May 2018 16:45:37 +0000 http://royaldutchshellplc.com/?p=96873 Large investors ask Shell to set targets to comply with Paris climate accord was first posted on May 22, 2018 at 5:45 pm.
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May 22, 2018

A group of 26 large institutional investors have petitioned Shell to formulate concrete goals in its effort to address the terms of the Paris climate accord.

The 26 investors, which have a total of $7.8trn under management, presented a statement to the Anglo-Dutch energy giant during Shell’s AGM in The Hague. The group of  26 includes HSBC Global Asset Management, AXA Investment Manager, Aegon, Calpers en MN.

In its statement, the investors applauded Shell’s ambition to reduce its carbon footprint by 50% and called on other oil and gas companies to follow suit.

The investors urged Shell to ‘translate this ambition into firm medium and short term targets, aligned with the Paris Agreement, driving sustainable capital allocation decisions to be made in the vital 2020-2030 period.’ Meanwhile, a motion by campaign group Follow This, which called on Shell to set up firm targets to meet the Paris agreement, was rejected by 95% of the votes cast.

Shell’s board had urged shareholders to reject the motion, which was highlighted but not supported by the investors responsible for the statement.

It is the third year in a row that Follow This had brought a climate resolution to Shell’s AGM.

Read at DutchNews.nl:

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Ron Bousso: MAY 22, 2018

THE HAGUE (Reuters) – Top investors in Royal Dutch Shell on Tuesday stepped up pressure on the oil and gas giant to commit to hard targets to reduce greenhouse gas emissions to battle climate change.

Shell has set out “ambitions” to halve carbon emissions by 2050 and expand in renewables energy, which Chief Executive Officer Ben van Beurden said were ground breaking for the oil industry.

To view a graphic on Shell emissions, click: reut.rs/2Iya7Hf

“Nobody else comes close, it is seriously ambitious,” van Beurden said of Shell’s plan at the company’s annual general meeting in The Hague.

While praising Shell for its plan, a growing number of major shareholders has urged the Anglo-Dutch company to commit to hard targets to reduce carbon emissions from its oil and gas production, as well as from fuels it sells around the world.

“We call for this ambition to be translated into firm medium and short term targets, aligned with the Paris Agreement,” a group of 27 investors managing $7.9 trillion in assets said in a statement read at the AGM.

Shell’s board has urged shareholders to vote against a resolution brought forward for a vote at the AGM by activist group Follow This calling on Shell to set hard targets to reduce emissions in order to meet the 2015 Paris Climate Agreement goal to limit global warming to “well below” 2 degrees Celsius.

Van Beurden warned that doing so would hamper Shell’s efforts to adapt to the transition going on in energy.

To view a graphic on Shell carbon reduction goals, click: reut.rs/2JOGJgZ

“The reputation of our company is irrevocably linked to targets… Nobody can see how the energy transition will play out over this period,” van Beurden said.

The previous two climate resolutions tabled by Follow This in 2016 and 2017 won the support of 2.8 percent and 6.3 percent of the votes, respectively.

Last week, a group of 60 global investors urged companies to do more to reduce emissions and become more transparent about their plans.

Producing and burning of oil and gas account for around 50 percent of global carbon emissions.

To view a graphic on Shell vs. Exxon, click: reut.rs/2Ez93SB

Reporting by Ron Bousso; editing by Jason Neely

SOURCE

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