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LONDON (Reuters) -Royal Dutch Shell said on Thursday the majority of its oil and gas reserves will be produced by 2050, playing down the risk of stranded assets as it prepares to reduce its greenhouse gas emissions in the coming decades.
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The disclosure is a rare admission by a major oil and gas company that some of its reserves may be worthless in a world shifting to renewable energy from fossil fuels in an effort to stem global warming.
The Anglo-Dutch company said in a document to investors summarising its climate strategy that around 75% of its proved oil and gas reserves will be produced by 2030, with an additional 3% produced after 2040.
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The company called the climate resolution filed by a Dutch activist investor redundant.
(Bloomberg) Royal Dutch Shell Plc’s board has urged shareholders to reject a climate resolution filed by Dutch activist investor Follow This in favor of its own energy transition plan, which the company will put to a vote next month.
The Anglo-Dutch major said that the Follow This resolution, which asks Shell to set and publish targets consistent with the goals of the Paris climate agreement, is “redundant” given its own “more comprehensive strategy,” according to a company notice.
Shell upped its climate ambitions in February, saying that it would produce less oil, more gas and slash carbon emissions over the next three decades. The oil major has now presented those ambitions in an energy transition strategy for a non-binding vote by shareholders in May. The plan will be updated every three years, and investors will get an advisory vote every year on Shell’s progress toward
By Susanna Rust2021-04-15T15:57:00+01:00
Church of England Pensions Board (CEPB) is likely to vote in favour of Royal Dutch Shell’s energy transition plan but support resolutions filed by campaign group Follow This at other oil and gas companies “where progress is not so obvious,” the pension fund’s chief responsible investment officer has indicated.
In a statement, Adam Matthews, who is also co-lead on engagement with Shell for the $54trn (€45trn) Climate Action 100+ investor group, said investor engagement had “delivered tangible outcomes and will continue to do so” although there were areas of uncertainty and for improvement, such as the need for further evidence of alignment of capital expenditure.
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