Shell faces shareholder rebellion over fossil fuel production

The Guardian – Shell has faced a significant shareholder rebellion on a vote calling for the oil company to set firm targets to wind down fossil fuel production.

A shareholder resolution calling for the Anglo-Dutch company to set binding carbon emissions reduction targets received 30% of votes at the oil company’s annual meeting on Tuesday.

The Shell rebellion came on the day that the International Energy Agency said that exploration for new oil and gas fields must stop this year if the world is to reach net zero carbon emissions by 2050. Net zero emissions would contribute to limiting catastrophic global heating.

The resolution was put forward by Follow This, a campaign group that uses activist investment to put pressure on oil companies into decarbonising in line with the limits set by the 2015 Paris climate agreement.

Mark van Baal, the founder of Follow This, said the support for the resolution was “beyond expectations”, signalling that some of the world’s largest investors had backed it. Previous resolutions have gained the support of Aviva and M&G in the UK, as well as a host of Dutch pension funds.

Read the full story on the Guardian