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At present, not a single oil and gas major is aligned with Paris-consistent emission reduction targets or investment levels more than five years after the landmark climate accord was ratified by nearly 200 countries. The agreement is widely recognized as critically important to avoid an irreversible climate crisis.
Norway s Equinor and U.S. oil producer ConocoPhillips will hold their respective annual shareholder meetings on Tuesday. The annual general meetings of the U.K. s BP and U.S. refiner Phillips 66 will take place on Wednesday, with U.S. oil major Chevron due to hold its AGM on May 26.
In a first for the industry, Anglo-Dutch oil giant Royal Dutch Shell will put its own net-zero transition plan to its shareholders on May 18. The so-called advisory vote, while non-binding, is likely to be closely monitored by those inside and outside the energy sector amid deepening concern about the industry s stubborn dependency on fossil fuels.
By Susanna Rust2021-04-28T15:24:00+01:00
The Local Authority Pension Fund Forum (LAPFF), a voluntary association of UK pension investors with combined assets of over £300bn (€345bn), has recommended its members vote against Royal Dutch Shell’s energy transition strategy and support a shareholder resolution from Dutch NGO group Follow This.
The group also recommended support for the Follow This resolution at Shell last year, after having in previous years advised a vote against.
This year is different because Shell has set out an energy transition strategy that it will put to the vote at its AGM on 18 May. It has pledged to give shareholders an annual opportunity to vote on progress made in delivering the strategy, and to publish an update to its energy transition strategy publication every three years until 2050.
Chiara Wilkinson
Published:
2:00 PM April 6, 2021
Updated:
4:53 PM April 6, 2021
Climate campaigners gathered at Hackney Town Hall to call on the council to divest from fossil fuels.
- Credit: XR Hackney
Extinction Rebellion (XR) campaigners rallied outside Hackney Town Hall against council investment in fossil fuel companies.
The protest held on April 1 comes as a response to a report published in February by Divest Hackney about council investments in fossil fuels.
This was despite the authority s climate emergency declaration in 2019, which set out measures to deliver net zero emissions across its functions by 2040.
According to the report, Hackney Council has almost £35m invested in coal, oil and gas companies including BP, Shell, BHP and ExxonMobile, through its management of the Hackney Council Pension Fund.
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