A group of 26 large institutional investors have petitioned Shell to formulate concrete goals in its effort to address the terms of the Paris climate accord.
The 26 investors, which have a total of $7.8trn under management, presented a statement to the Anglo-Dutch energy giant during Shell’s AGM in The Hague. The group of 26 includes HSBC Global Asset Management, AXA Investment Manager, Aegon, Calpers en MN.
In its statement, the investors applauded Shell’s ambition to reduce its carbon footprint by 50% and called on other oil and gas companies to follow suit.
The investors urged Shell to ‘translate this ambition into firm medium and short term targets, aligned with the Paris Agreement, driving sustainable capital allocation decisions to be made in the vital 2020-2030 period.’
Meanwhile, a motion by campaign group Follow This, which called on Shell to set up firm targets to meet the Paris agreement, was rejected by 95% of the votes cast.
Shell’s board had urged shareholders to reject the motion, which was highlighted but not supported by the investors responsible for the statement.
It is the third year in a row that Follow This had brought a climate resolution to Shell’s AGM.
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