Shareholders in Royal Dutch/Shell rejected a resolution by environmental activist group Follow This to set and publish annual targets to reduce carbon emissions at the energy group’s AGM on Tuesday.
Many institutional investors opposed the resolution or withheld their vote, the Telegraaf said. They said the resolution was too tough because it included so-called ‘Scope-3 emissions’ which are those generated by a product which has already been sold on.
Shell chairman Ben van Beurden said his measure would result in reducing production and sales. He said instead Shell would engage more with shareholders about its plans to tackle climate change.
Follow This founder Mark van Baal said support for the resolution had doubled to 6% in one year. ‘And Shell is now not only talking about oil and gas but also about renewable energy,’ he said.
Follow This is broadening its scope to include other energy companies such as BP.
This article was amended on May 25 to reflect support for the motion doubling in one year.
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