Shell suffers drop in investor support for climate strategy

Financial Times – Follow This, which submits the same resolution at several oil and gas companies, argues that Shell must commit to an absolute reduction in the scope 3 emissions generated from the fuels it sells. Shell’s targets are for a reduction in the carbon intensity of its products, a metric that reflects the relative emissions of all of its energy, including low and zero-carbon solutions.

Follow This founder Mark van Baal said the vote for its resolution remained significant. “Twenty percent is still a shareholder rebellion and we have to work with them because they see that these companies, not only Shell, are not going to change their business models on their own accord,” he said.

80 percent of shareholders voted in support of Shell’s transition strategy. However, that was down from the 89 percent last year.

Read the entire article in the Financial Times