Shell shareholders reject investor climate resolution - WTVB
Shell shareholders reject investor climate resolution | WTVB | 1590 AM · 95.5 FM | The Voice of Branch County
By Ron Bousso
(Reuters) – Shell shareholders on Tuesday rejected a resolution filed by a group of investors urging the energy company to set tighter climate targets.
The vote came after Shell CEO Wael Sawan weakened a 2030 carbon reduction target in March, citing expectations for strong gas demand and uncertainty in energy transition, while focusing on more profitable operations, primarily in oil and gas.
(Reporting by Ron Bousso in London and Deep Vakil in Bengaluru; Editing by David Goodman)
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”