Shell under pressure to cut emissions faster as support for dissidents grows
ROYAL Dutch Shell has come under renewed pressure to move faster to help tackle the threat posed by climate change.
At Shell’s annual general meeting around 30 per cent of votes cast supported a resolution submitted by the Follow This campaign group calling for the oil giant to set tougher emissions reductions targets.
A similar resolution won the support of around 14% of votes cast at last year’s general meeting.
However, around 90 per cent of votes cast at yesterday’s meeting supported the company’s energy transition strategy.
Shell has said it will continue to invest in developing new oil and gas fields to help meet expected demand for energy, while aiming to become a net zero company by 2050, in terms of greenhouse gas emissions.
The company will increase investment in areas such as renewables and initiatives to reduce emissions across the supply chain.
On Monday the International Energy Agency said firms should not develop new oil and gas fields.
The Paris-based watchdog said the climate pledges made by governments to date – even if fully achieved – would fall well short of what is required to bring global energy-related carbon dioxide emissions to net zero by 2050.
It said there needed to be a massive increase in spending on renewables, along with changes in behaviour by consumers ,if the net zero target were to be met.
However, industry champions say new oil and gas fields will be needed to help meet global demand for energy while alternative sources are developed.
Brent crude rose above $70 per barrel for the first time since March yesterday amid expectations demand will increase as coronavirus lockdowns are eased around the world.
The price fell below $20/ bbl in April last year, from around $70/bbl before the start of the pandemic.
The IEA advises a range of governments but has no power to require them to change policies.