• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
  FEATURED
REVEALED: Imperial Oil, Alberta Regulator Knew of Toxic Seepage at Kearl Mine for Years, Didn’t Tell First Nation October 3, 2023
Oil and Gas, Buildings Drive 2.1% Rise in Canada’s Climate Pollution October 2, 2023
Shell CEO Doubles Down on Renewable Cuts Despite Internal Pushback October 2, 2023
Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds October 2, 2023
UAE Holds Major Oil and Gas Conference Before Hosting COP 28 Climate Summit October 2, 2023
Next
Prev

94% of Shell Shareholders Vote Down Production Targets Pegged to Paris Deal

May 26, 2017
Reading time: 2 minutes

Catherine Hammond/wikimedia commons

Catherine Hammond/wikimedia commons

 

Despite company CEO Ben van Beurden’s fine rhetoric on carbon pricing and innovation, nearly 94% of Royal Dutch Shell shareholders voted this week to reject a proposal to set production targets in line with the targets in the Paris agreement.

Reuters describes the decision as “a setback for climate activists who are increasing pressure on global oil companies, including U.S. firms ExxonMobil and Chevron, to become more ambitious in helping combat climate change.”

  • The climate news you need. Subscribe now to our engaging new weekly digest.
  • You’ll receive exclusive, never-before-seen-content, distilled and delivered to your inbox every weekend.
  • The Weekender: Succinct, solutions-focused, and designed with the discerning reader in mind.
Subscribe

During the AGM in The Hague, shareholders “spent hours questioning Shell’s board members, who said that while the company supported the Paris agreement, setting company targets was ‘not in the best interest of the company,’” The Independent reports.

Van Beurden maintained Shell is making progress on emission reductions, but said action by Europe’s largest company by revenue would depend on broader coordination and government support.

““Even though we are a large company, we are a small company in relation to the overall energy system. We are not going to have a quicker transition,” he said. If Shell had adopted the resolution, he warned during the shareholders’ debate, “we will see our competitors benefit, and it may actually have an adverse effect on greenhouse gas emissions.”

While van Beurden committed to greater shareholder engagement, he claimed that “the resolution is an unreasonable ask.”

The shareholder behind the mini-uprising, Follow This Activist founder Mark van Baal, said the resolution gave management full flexibility to decide how to implement the emissions reduction. “You are truly the most innovative company in your sector,” he said. “Apparently, we have more trust in you than you have in yourself.”

Engagement Manager Matt Crossman of Rathbone Greenbank Investments commented that “no one wants Shell to put itself at a competitive disadvantage.” But “given the scale of the issue facing society, we urge oil and gas companies to do more to show how they aim to lower emissions associated with the end use of their products.” Shareholder climate resolutions are certain to gain momentum over time, he warned, and “until Shell’s board can provide a response that reassures its shareholders, it should be prepared for a bumpy ride.”



in Climate Action / "Blockadia", Community Climate Finance, COP Conferences, Oil & Gas

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Dawn Ellner/flickr
Carbon Levels & Measurement

Oil and Gas, Buildings Drive 2.1% Rise in Canada’s Climate Pollution

October 2, 2023
2
Ramon FVelasquez/Wikipedia
Finance & Investment

Shell CEO Doubles Down on Renewable Cuts Despite Internal Pushback

October 2, 2023
2
Solarimo/pixabay
Ending Emissions

Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds

October 2, 2023
211

Comments 1

  1. Nick DeSantis says:
    6 years ago

    Behold the petition in Divine Justice, to have those selfish investors be flooded from all their earthly goods. 170 Municipalities here in my hometown of Quebec Canada were flooded last week. So be it now to those investors.
    Amen

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Iota 9/Wikimedia Commons

‘Huge Loss’ for Local Green Economy as Vancouver Shutters Its Economic Commission

September 28, 2023
321
Jon Sullivan/flickr

Thorold Gas Peaker Plant Won’t Be Built After Unanimous City Council Vote

September 21, 2023
857
Solarimo/pixabay

Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds

October 2, 2023
211
Power lines, Mississauga, Canada

Two First Nations Groups Vie to Build Northern Ontario Power Line

September 28, 2023
174
Cullen328/wikimedia commons

Manufactured Housing Could Dent the Affordable Housing Crunch with Energy-Efficient Designs

September 20, 2023
728
McDonald's/flickr

McDonald’s Failing to Follow Through on Climate Promises, Critics Say

December 17, 2021
2.6k

Recent Posts

jasonwoodhead23/flickr

REVEALED: Imperial Oil, Alberta Regulator Knew of Toxic Seepage at Kearl Mine for Years, Didn’t Tell First Nation

October 3, 2023
1
Dawn Ellner/flickr

Oil and Gas, Buildings Drive 2.1% Rise in Canada’s Climate Pollution

October 2, 2023
2
Ramon FVelasquez/Wikipedia

Shell CEO Doubles Down on Renewable Cuts Despite Internal Pushback

October 2, 2023
2
Northvolt plant in Sweden, Spisen/wikimedia commons

Quebec Lands $7B Battery Gigafactory Investment from Sweden’s Northvolt

October 2, 2023
2
YouTube

UAE Holds Major Oil and Gas Conference Before Hosting COP 28 Climate Summit

October 3, 2023
8
GFDL/Wikimedia Commons

Clean Energy Funding Isn’t Just About Money, Policy Expert Warns

October 2, 2023
4
Next Post

Planting trees will not slow global warming

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
The Energy Mix - Energy Central
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}