Shell will make plan for the energy transition

June 29th 2017 – Shell announced today that the oil- and gas company will make a plan for the energy transition towards a net-zero emission energy system.
“I agree that companies should be clear about how they plan to be resilient in the energy transition ,” says Shell-CEO Ben van Beurden in a press release, in response to the Task Force on Climate-Related Financial Disclosures (TCFD).
“We applaud Shell’s acknowledgement of the need for a plan in the energy transition,” says Mark van Baal of Follow This. “This is what Follow This asked for in our shareholder resolution at Shell’s AGM in May.”
“Apparently Shell feels enough shareholder support to announce its intention to play in important role in the energy transition.”
“We look forward to concrete long term targets that are aligned with the targets of the Paris Climate Agreement (net zero emissions in 2050). With such targets Shell is truly committed to the Paris Climate Agreement and can act accordingly.”
Follow This is a movement of green shareholders in Shell that supports Shell to take the lead in energy transition. Follow This does so by gathering shareholders to support the resolution “Shareholders support Shell in taking the lead in energy transition” (complete text via this link).
The green Shell resolution (resolution #21) states in summary: “Shareholders request Shell to set targets aligned with the Paris Climate Agreement.”
4 of the 10 largest Dutch institutional investors (Actiam, MN, Achmea IM, and Van Lanschot Kempen) voted for the resolution. 4 (PGGM, Aegon, NN and Delta Lloyd) sent a green signal to Shell by abstaining from voting. 2 voted against.