Investor Briefing: The case against Shell

The document outlines the legal case Friends of the Earth Netherlands v Royal Dutch Shell plc, arguing that Shell's current net-zero strategy is insufficient compared to IPCC standards. It details the legal basis of the claim—centered on Dutch civil law and human rights—and warns investors of the reputational and financial risks associated with climate litigation and emerging EU due diligence legislation.

• The legal claim seeks to compel Shell to reduce its CO2 emissions by 45% by 2030 compared to 2019 levels, which aligns with the IPCC's pathway for limiting global temperature rise to 1.5°C. This contrasts with Shell's own target of a 20% reduction in "net carbon intensity" by 2030, a target that excludes its petrochemicals business and certain fossil fuel trading operations.
• The lawsuit is based on two legal arguments: first, that Shell violated a duty of care under Dutch civil law by 'negligently endangering' the public; and second, that it violated human rights obligations under Articles 2 and 8 of the European Convention on Human Rights regarding the right to life and private and family life.
• The claim is informed by the Urgenda case, in which the Dutch Supreme Court ordered the State of the Netherlands to reduce emissions by at least 25% by the end of 2020 compared to 1990 levels. The current litigation against Shell is described as a novel application of this reasoning to a private company.
• The briefing highlights a broader regulatory shift, noting that the EU Commission intended to table environmental and human rights due diligence legislation by June 2021. This 'hard' law would require businesses to mitigate environmental risks in their operations and supply chains, with expected inclusion of contributions to climate change.

APA

Benson, P. (2021). Investor Briefing: The case against Shell. ClientEarth. https://www.clientearth.org/media/2qfntlx0/clientearth-investor-briefing-friends-of-the-earth-others-v-shell-april-2021.pdf

Chicago

Benson, Paul. Investor Briefing: The case against Shell. ClientEarth, 2021. https://www.clientearth.org/media/2qfntlx0/clientearth-investor-briefing-friends-of-the-earth-others-v-shell-april-2021.pdf.

Wikipedia

{{cite report |last1=Benson |first1=Paul |title=Investor Briefing: The case against Shell |publisher=ClientEarth |date=April 2021 |url=https://www.clientearth.org/media/2qfntlx0/clientearth-investor-briefing-friends-of-the-earth-others-v-shell-april-2021.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{benson2021investor, author = {Benson, Paul}, title = {{Investor Briefing: The case against Shell}}, institution = {ClientEarth}, year = {2021}, month = apr, url = {https://www.clientearth.org/media/2qfntlx0/clientearth-investor-briefing-friends-of-the-earth-others-v-shell-april-2021.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }