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Shell climate plan draws fund opposition at upcoming AGM

Shell climate plan draws fund opposition at upcoming AGM

Apr. 28, 2021, 11:55 AM ET Royal Dutch Shell plc (RDS.A) By Carl SurranSA News Editor
  • Royal Dutch Shell’s (RDS.ARDS.Bclimate change strategy does not go far enough, the U.K.’s Local Authority Pension Fund Forum says in recommending members oppose the plan at the company’s annual general meeting next month.
  • “The strategy as stated does not sufficiently address the challenges Shell faces, with competition from renewable energy potentially putting fossil fuel businesses out of business on cost grounds alone,” LAPFF Chair Doug McMurdo says.
  • The fund chair also questions Shell’s reliance on carbon capture and storage solutions and the company’s plans to plant lots of trees to help reduce its emissions.
  • LAPFF, whose 82 members manage more than £300B ($416.6B) in assets, says it backs a resolution from the Follow This activist group that calls for Shell to align its targets with the Paris climate agreement.
  • While the result will be non-binding, Shell is set to become the first major oil and gas company to give investors a chance to vote on its energy transition strategy.

SOURCE

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