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Shell vows to explore Arctic, rips environmental critics

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Screen Shot 2015-05-19 at 18.39.24May 19 2015, 12:53 ET | By: Carl Surran, SA News Editor

Shell vows to explore Arctic, rips environmental critics

  • Royal Dutch Shell (RDS.A, RDS.B) CEO Ben van Beurden vows that the company will press on with its campaign to explore the Arctic for oil this summer despite protests in Seattle, and dismisses claims that Shell is using the city’s port illegally.
  • But Shell’s annual general meeting today was dominated by questions and comments over the company’s environmental track record as well as its efforts to curb carbon emissions.
  • Van Beurden lambasted fossil fuel critics, saying that “carbon bubble” activists who argue that pension funds and major institutions should divest from fossil fuel companies “ignore reality.”
  • The CEO says the world faces an energy crisis unless investment into producing fossil fuels is maintained, as he foresees a dramatic increase in demand as 3B people emerge from poverty over the next few decades.

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