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Shell shareholders on Tuesday overwhelmingly rejected a climate resolution filed by activist group Follow This, marking a significant moment in the ongoing dial

Shell (LON:SHEL) Shareholders Reject Climate Resolution

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Image credit: Jethro Carullo

Shell shareholders on Tuesday overwhelmingly rejected a climate resolution filed by activist group Follow This, marking a significant moment in the ongoing dialogue about the energy giant's environmental commitments.

Key Points:

  • Resolution Details: The resolution urged Shell to align its medium-term carbon emissions reduction targets with the Paris Climate Agreement, including emissions from fuels burned by consumers.
  • Support and Opposition: Backed by a group of 27 investors managing around $4 trillion, the resolution received 18.6% support from shareholders, down from just over 20% last year. Shell's board had urged investors to oppose it.
  • Board's Climate Strategy: In contrast, a separate resolution brought forward by Shell's board on its climate strategy won 78.2% support.
  • CEO's Response: CEO Wael Sawan expressed satisfaction with the outcome, noting that the decreasing support for the Follow This resolution signals growing trust and confidence in Shell's ability to navigate the energy transition.

While Shell's decision to weaken its 2030 carbon reduction target earlier in the year sparked controversy, the outcome of this shareholder vote suggests a complex landscape of investor priorities and expectations regarding climate action in the energy sector.

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