Shells shareholders must vote against Shells climate plan

Reclaim Finance asserts that Shell's climate strategy is fundamentally flawed, predicting the company will overshoot its 1.5°C carbon budget by 40.9% by 2050 and exhaust it entirely by 2034. The organization criticizes Shell's reliance on carbon intensity metrics, nature-based offsets, and continued expansion into new oil and gas fields, including unconventional sectors like the Arctic and fracking. Consequently, it recommends that shareholders vote against the company's climate resolution, support a shareholder-led resolution for Paris-aligned targets, and vote against the reelection of 10 Board Directors.

• Shell's climate action is not aligned with the 1.5°C goal; the company is projected to exceed its 1.5°C carbon budget by 40.9% by 2050 and will have spent the entire budget by 2034.
• Shell's decarbonization strategy relies on reducing 'Net Carbon Intensity' rather than absolute emissions, ignoring emissions from the use of sold products. Its 2030 target of a 20% reduction in carbon intensity is less than half of the reduction required by the International Energy Agency (IEA) Net Zero scenario.
• The company's targets depend heavily on offsets, specifically nature-based solutions (120 MtCO2e per annum by 2030) and Carbon Capture and Storage (26 MtCO2e per annum by 2035), which would require planting trees over an area three times the size of the Netherlands.
• Shell is the second largest developer of new oil and gas in Europe, developing 3779 Million Barrels of Oil Equivalent (MMBOE) of new fields. Over 40% of these are in high-risk unconventional sectors, including 20.9% in ultradeep offshore, 3.7% in the Arctic, and 15.5% in fracking.
• Shell's financial allocation for renewables is insufficient for a transition; it plans to direct 11.4% of annual CAPEX to its Renewable and Energy services business line in the near term, meaning renewables will only account for approximately 22% of its energy mix by 2030.

APA

admin (2022). Shells shareholders must vote against Shells climate plan. Reclaim Finance. https://reclaimfinance.org/site/en/2022/05/09/shells-agm-shareholders-must-vote-against-shells-climate-plan/

Chicago

admin. Shells shareholders must vote against Shells climate plan. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/05/09/shells-agm-shareholders-must-vote-against-shells-climate-plan/.

Wikipedia

{{cite press release |last1=admin |title=Shells shareholders must vote against Shells climate plan |publisher=Reclaim Finance |date=9 May 2022 |url=https://reclaimfinance.org/site/en/2022/05/09/shells-agm-shareholders-must-vote-against-shells-climate-plan/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2022shells, author = {admin}, title = {{Shells shareholders must vote against Shells climate plan}}, publisher = {Reclaim Finance}, year = {2022}, month = may, url = {https://reclaimfinance.org/site/en/2022/05/09/shells-agm-shareholders-must-vote-against-shells-climate-plan/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }