Shell AGM: shareholders gather in London

Fossil fuel giant Shell will convene its shareholder meeting in London today. The gathering is reportedly set to be rife with conflict, as climate-focused investors challenge the company’s leadership over its lack of climate action.

In a landmark case in 2021, a Dutch court ordered the firm to deepen its emissions reduction targets. The company moved its headquarters to the UK last year, and lodged an appeal against the ruling.

Connor Schwartz, climate campaigner at Friends of the Earth, said:

“As people across the UK, and around the world, continue to face sky-high energy prices, it’s a very lucrative time to be in the oil and gas business. Shell’s profits more than doubled last year, with the company raking in more cash than at any other point in its 115-year history. It’s little wonder that Shell is doing everything it can to avoid compliance with a Dutch court order to slash its emissions.

“With the business interests of a small and wealthy minority being put above people’s lives and the future of our planet, it’s clear that leaders’ priorities are not in sync with our reality. We don’t need more stark climate warnings to know that we must end our dependence on volatile and expensive gas and oil.

“By rapidly scaling up the production of cheap, homegrown renewable power, and investing in a nationwide programme to insulate our heat-leaking homes, we can lower bills, keep homes warmer in the winter, and reduce the amount of carbon needlessly emitted into our atmosphere.”

ENDS

Notes:

1. “Tougher windfall tax urged as Shell posts record profits” | 02 Feb 2023