Royal Dutch Shell investors should advise against the energy giant’s climate-change strategy at an upcoming meeting, argues the U.K.’s Local Authority Pension Fund Forum
By Reuters Staff
3 Min Read
LONDON (Reuters) - Royal Dutch Shell’s climate change strategy does not go far enough and investors should advise against it at an upcoming meeting, a UK pension funds group said on Wednesday.
FILE PHOTO: A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci
Shell has asked investors to vote on its energy transition strategy, although the vote is advisory only.
Its plans call for reaching net zero carbon emissions by 2050 supported by buyers of its fossil fuels investing in carbon offsets from nature-based or carbon capture projects.
Shell climate plan should be opposed at AGM - funds group
04/28/2021 | 08:02am EDT
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LONDON (Reuters) - Royal Dutch Shell s climate change strategy does not go far enough and investors should advise against it at an upcoming meeting, a UK pension funds group said on Wednesday.
Shell has asked investors to vote on its energy transition strategy, although the vote is advisory only.
Its plans call for reaching net zero carbon emissions by 2050 supported by buyers of its fossil fuels investing in carbon offsets from nature-based or carbon capture projects. The strategy as stated does not sufficiently address the challenges Shell faces, with competition from renewable energy potentially putting fossil fuel businesses out of business on cost grounds alone, said Doug McMurdo, chair of the UK s Local Authority Pension Fund Forum (LAPFF).
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.
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