Investors to Back Resolution Calling for Shell to Align with Paris Agreement

Twenty-seven Shell investors have said that they are planning to back a resolution proposed by the non-profit organization Follow This that calls for the oil company to align its medium-term emissions reduction goals with the 2015 Paris Agreement.

According to The Guardian, the investor coalition owns about a 5% share of Shell stock and includes the government-backed National Employment Savings Trust (Nest), a U.K.-based organization that manages almost 25% of the country’s pension plans.

“We urge Shell to set a credible scope 3 absolute emissions target. This would demonstrate leadership, show Shell is serious about transitioning its business, and play a role in generating real-world change,” said Diandra Soobiah, the head of responsible investment for Nest.

Shareholders will be asked to vote on the resolution at the company’s annual general meeting this coming May.

The resolution has already received support from Scottish Widows, Candriam and Rathbones Group, as well as the French asset management firm Amundi, which controls over $2.17 trillion in assets. Follow This founder Mark van Baal said that he expects support for the resolution to grow between now and the May meeting.

A spokesperson for Shell said that the resolution is fairly similar to one proposed by Follow This in 2023, which was rejected by shareholders.

“Shell’s board has previously advised shareholders that the Follow This resolution was unrealistic and simplistic, that it would have no impact on mitigating climate change, have negative consequences for our customers, and was against the interests of the company and our shareholders,” said the Shell spokesperson.

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• Source: https://www.supplychainbrain.com/articles/38858-investors-to-back-resolution-calling-for-shell-to-align-with-paris-agreement