On May 18, investors’ climate reputations are on the line.
People are watching how they will vote at Shell’s AGM. Shell’s ‘climate’ strategy undermines the world’s chance to limit global warming to 1.5°C and avoid the worst impacts of the climate crisis.
Shell has not announced absolute reduction goals to get its own emissions on track to achieve net-zero emissions by 2050. According to the Intergovernmental Panel on Climate Change, Shell must reduce its carbon emissions by 25-45% by 2030, compared to 2018 levels.
In fact, Shell plans to invest billions of dollars a year into petrochemicals, oil, and gas while barely scratching the surface of capital expenditure invested in renewable energy.
Instead, the fossil fuel company is relying on ‘intensity-based’ emission reduction targets. These intensity targets are based on the improbable assumption that Shell can scale up carbon capture and storage and offsets by 25 and 120 million tonnes a year, respectively. This is a bet that will very likely not pay off, and we can’t afford the cost of losing that bet.
It’s crystal clear that Shell won’t take real climate action unless investors vote for change.
And change means investors voting against Shell’s ‘climate’ plan and for the resolution filed by Follow This and the Australasian Centre for Corporate Responsibility that calls for short- and medium-term emissions reduction targets in line with the Paris Agreement.
Watch leading investors call for real climate action at the 2021 AGMs of fossil fuel companies like Shell, Total, Chevron, and more at the Follow This Symposium 2021.