Sunday 04 December 2022

Shell to link carbon emissions targets to senior executive pay


Anglo Dutch oil giant Shell plans to set carbon emissions targets next year and link these to executive bonuses, chief executive Ben van Beurden has told the Financial Times.

The move follows pressure from shareholders such as the  Church of England and Robeco who have ‘pushed Shell to make firm commitments to cut its carbon footprint’, the paper says. They have criticised last year’s announced ambition to halve carbon emissions by 2050 as not going far enough.

Van Beurden said that by setting targets the company would be ‘systematically driving down our carbon footprint over time’.

The company is still in talks with investors about the percentage to be targeted but the pay of 1,200 top employees could be affected, the FT said.

Dutch civil service pension fund ABP has welcomed Shell’s decision. ‘The fact that Shell has anchored its ambition in its remuneration policy offers more confidence that Shell will really commit itself,’ chairwoman Corien Wortmann told the Financieele Dagblad.

We will keep an eye on progress with ‘great interest’, Wortmann told the paper.

The announcement comes at the start of UN climate talks start in Katowice, Poland.

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