A shareholder proposal calling on Shell to align its 2030 emissions targets with the Paris Agreement received 20.2% support at the supermajor’s annual meeting, while the company’s climate transition resolution received 80% support.
The meeting was delayed by an hour as protestors disrupted the meeting, including by storming the stage and having a choir sing, “Go to hell, Shell, and don’t you come back no more,” according to news agency Reuters.
A single shareholder proposal by Dutch ESG activist Follow This called on Shell to align its target to cut Scope 3 greenhouse gas emissions by 50% before 2030 with the Paris Agreement, saying the current goal “will not lead to large-scale (net) reductions in absolute emissions in this crucial decade.”
Shell said the proposal would have a “material negative financial impact, restricts the company’s role in the energy transition, and would not mitigate global warming.”
Like peers BP and TotalEnergies, Shell plans to become a net-zero emissions business by 2050.
Investors approved the company’s progress on its transition plan by a similar margin to last year’s vote, according to Tuesday’s meeting results.
Shell Chief Executive Officer Wael Sawan said: “I’m pleased the vast majority of our investors remain supportive of our strategy to become a net-zero emissions energy business by 2050.”
However, the rebellions require Shell to report on what steps it intends to take to understand the reasons for the vote. The company said Tuesday it continue to engage with shareholders.
Shell’s London-listed stock is up 2.2% year-to-date.