A fifth of Shell investors rebel against its climate strategy at annual general meeting
Investors call on Shell to align its decarbonisation targets with the goals of the Paris agreement, after demonstrators interrupted the start of their annual general meeting.
TProtesters who were removed from the meeting join others outside and lead the chants.
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Protesters interrupted Shell’s chairman as he opened the company’s annual general meeting (AGM) on Tuesday.
Sir Andrew MacKenzie was accused of greenwashing as he addressed shareholders at the InterContinental London in North Greenwich.
He was defending the company’s stance on climate, when protesters said “that’s all greenwash.”
They chanted “Shell kills the climate” as they were escorted out of the meeting.
Shareholders rebel against climate strategy
Alongside the protests, a fifth of investors rebelled against the Shell’s climate strategy. The result follows disagreement over the oil company’s Scope 3 emissions plans.
27 shareholders filed a resolution, asking Shell to align its Scope 3 emissions with the Paris Climate Agreement goals.
The AGM resolution to approve the current strategy saw 21.8% voting against management, according to preliminary voting figures.
Shell says the resolution received 18.6% of shareholder votes, a drop from 20.2% last year despite the record amount of investors co-filing the proposal.
Shell has scaled back its targets, reducing its 2030 carbon reduction target by 20%.
Protests outside the AGM
A crowd of demonstrators gathered outside ahead of the meeting on Tuesday morning. A Fossil Fuel London spokesperson shared a solidarity message from the People’s AGM in Nigeria, who met on Monday.
“Oil and gas companies cannot be expanding their operations, increasing their impact on climate change and violating the Paris Agreement.
“[We] therefore demand the suspension of oil and gas exploration and production activities that is in gross violation of the existing human right and environmental agreements.”
There’s a high police presence at the protest. CREDIT: Martha Dean for City News
Shell’s response
In response to the protest, a Shell spokesperson’s said:
“We respect people’s right to express their point of view and welcome any constructive engagement on our strategy and the energy transition.
“However, these protesters have shown that they are not interested in constructive engagement.
“We agree that society needs to take action on climate change, and we firmly believe our climate targets are aligned with the more ambitious goal of the Paris Agreement on climate change.
“In today’s meeting, you will have heard that Shell is wholly committed to becoming a net-zero emissions energy business by 2050, and taking clear action to be the investment case and partner of choice through the energy transition.”
Protesters told City News they will attend every future Shell AGM, until their demands are heard.
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HeadlineA fifth of Shell investors rebel against its climate strategy at annual general meeting
Short Headline20% of Shell investors vote against climate strategy
StandfirstInvestors call on Shell to align its decarbonisation targets with the goals of the Paris agreement, after demonstrators interrupted the start of their annual general meeting.
Protesters interrupted Shell’s chairman as he opened the company’s annual general meeting (AGM) on Tuesday.
Sir Andrew MacKenzie was accused of greenwashing as he addressed shareholders at the InterContinental London in North Greenwich.
He was defending the company’s stance on climate, when protesters said “that’s all greenwash.”
They chanted “Shell kills the climate” as they were escorted out of the meeting.
Shareholders rebel against climate strategy
Alongside the protests, a fifth of investors rebelled against the Shell’s climate strategy. The result follows disagreement over the oil company’s Scope 3 emissions plans.
27 shareholders filed a resolution, asking Shell to align its Scope 3 emissions with the Paris Climate Agreement goals.
The AGM resolution to approve the current strategy saw 21.8% voting against management, according to preliminary voting figures.
Shell says the resolution received 18.6% of shareholder votes, a drop from 20.2% last year despite the record amount of investors co-filing the proposal.
Shell has scaled back its targets, reducing its 2030 carbon reduction target by 20%.
Protests outside the AGM
A crowd of demonstrators gathered outside ahead of the meeting on Tuesday morning. A Fossil Fuel London spokesperson shared a solidarity message from the People’s AGM in Nigeria, who met on Monday.
“Oil and gas companies cannot be expanding their operations, increasing their impact on climate change and violating the Paris Agreement.
“[We] therefore demand the suspension of oil and gas exploration and production activities that is in gross violation of the existing human right and environmental agreements.”
There’s a high police presence at the protest. CREDIT: Martha Dean for City News
Shell’s response
In response to the protest, a Shell spokesperson’s said:
“We respect people’s right to express their point of view and welcome any constructive engagement on our strategy and the energy transition.
“However, these protesters have shown that they are not interested in constructive engagement.
“We agree that society needs to take action on climate change, and we firmly believe our climate targets are aligned with the more ambitious goal of the Paris Agreement on climate change.
“In today’s meeting, you will have heard that Shell is wholly committed to becoming a net-zero emissions energy business by 2050, and taking clear action to be the investment case and partner of choice through the energy transition.”
Protesters told City News they will attend every future Shell AGM, until their demands are heard.
