Shareholders back Shell’s climate strategy after raucous meeting

Reuters – Shareholders backed Shell’s climate strategy while a climate activist proposal from the Follow This group received fewer votes than last year.

“Investors have given in to Shell’s narrative that the crisis created by the war in Ukraine overrides the climate crisis,” Follow This founder Mark van Baal said.

“Both crises must be dealt with simultaneously by shifting investments to renewables.”

One area of contention is how emissions goals are measured. The bulk of Shell’s targets is measured in terms of intensity, not in absolute terms. Shell’s total emissions could rise as oil and gas production increases but the intensity could be reduced by, for example, increasing the company’s renewables generation.

Shell says its targets already support the Paris climate accord which scientists say requires global emissions to fall by about 40% by 2030. Shell’s climate resolution received 80% of votes, down from 89% last year, while Follow This received 20%, down from 30% last year, according to final results.

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