A group of influential shareholders in Shell has submitted a resolution for the upcoming annual shareholders meeting, urging the company to adopt greenhouse gas emissions targets. According to information the resolution, co-filed by 27 investors, including Amundi, one of Europe's largest asset managers, seeks to hold Shell accountable for its commitment. The initiative was launched by activist investor organization Follow This, which aims to drive Shell towards aligning with the goals of their Climate Agreement. Mark van Baal, the founder of Follow This, stated that large shareholders hold the key to tackling the climate crisis with their votes at shareholder meetings. He further added that for Shell to change its course significantly, more shareholders needed to vote in favor of climate action. According to Follow This, Shell had shown signs of veering away from its climate targets in 2023. In June, the company announced that oil production would remain stable until 2030, contradicting its previous goal of reducing production by one or two percent annually. Shell's CEO, Wael Sawan, defended the decision to maintain stable gas and oil output, citing potential negative impacts on energy bills and cost-of-living difficulties. 

Journalist: Tasha-Ree Kella
Email: tashakella13@gmail.com