Pension Funds Say “Excuse Us… What is Shell Smoking?”
While most of the planet’s population is wondering whether their homes will still exist in 25 years, Shell is out here fantasizing about growing its liquefied natural gas (LNG) business by a whopping 30% by the end of the decade. Because apparently, nothing says “climate responsibility” like expanding fossil fuel infrastructure with a half-life longer than your retirement savings.
Luckily, some people still have functioning moral compasses — and, you know, fiduciary duties.
💼 Pensions vs. Profiteers
Three of the UK’s biggest local government pension schemes — Merseyside Pension Fund, Greater Manchester Pension Fund, and Brunel Pension Partnership — have filed a shareholder resolution ahead of Shell’s May 20 AGM. They’re demanding Shell explain how its gas-guzzling growth plans square with that whole net-zero by 2050 promise it’s been waving around like a smokescreen.
The resolution takes aim at the “value at risk” for shareholders if demand for LNG turns out to be… well, reality-based. Because Shell’s strategy hinges on what they generously call “bullish demand forecasts.” And by bullish, we mean “utterly detached from International Energy Agency scenarios.”
📉 Math vs. Make-Believe
According to a new analysis by the Australasian Centre for Corporate Responsibility (ACCR), co-filer of the resolution, Shell’s LNG assets would tank — to the tune of $90 billion wiped off the map — if real-world prices fail to support Shell’s dreamy assumptions.
Here’s the kicker: to make Shell’s math work, LNG prices in East Asia would have to plummet below $5 per MMBtu. Reality check? It’s currently sitting at $13.00. Shell, are you high on your own methane?
Even Rystad Energy, hardly a radical green think tank, assumes a base-case price of $12.9 per MMBtu. But Shell? Shell’s seeing unicorns prancing across methane rainbows.
📉 “We Gutted Our Climate Targets Because… Reasons”
Oh, and remember Shell’s shiny climate targets? Yeah, those have been quietly decomposing in the background. In its most recent “transition strategy” update, Shell actually weakened its 2030 carbon-reduction goal and scrapped the 2035 carbon intensity reduction altogether. Because, and we quote, there’s “strong demand for gas” and “uncertainty about the energy transition.”
Translation: “We don’t know how to do renewables profitably, so back to gas we go!”
🗣️ Shareholders Want Receipts
Faith Ward of Brunel Pension Partnership was crystal clear:
“The onus is on Shell to disclose additional information that would enable us to appraise the risks associated with the LNG portfolio and determine its compatibility with its climate commitments.”
In other words: show us the receipts — or stop pretending this is anything but climate hypocrisy wrapped in a quarterly earnings report.
🎭 Shell’s Reply: Green Theatre 101
And now, the grand finale from Shell’s rotating cast of press spokespersons:
“Shell believes LNG will enable the world to make the most immediate progress in reducing emissions by replacing coal growth… addressing the intermittency of renewables, and improving energy security, access and affordability.”
Let’s unpack that. According to Shell, pumping out more fossil fuel is… actually saving the planet. Heroic! This from the same company that blew $100 billion on shareholder payouts in the past few years while greenwashing their strategy in investor slide decks.
💰 Meanwhile, Back at BlackRock…
And where are Shell’s big investors in all this? Oh hey, BlackRock — largest asset manager on Earth and proud Shell shareholder — still holding shares and muttering vaguely about sustainability. But when the votes are counted on May 20, the world will see whether the titans of capital actually care more about survival than dividends.
🧨 Bottom Line?
Shell wants to torch the climate while selling you a brochure about cleaner futures — and charge you for the gas it’s lighting the match with. It’s up to shareholders — and everyone else who breathes air — to say: WTF, Shell. Enough.
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