Shell faces shareholder challenge over climate change approach

This article discusses how investors are attempting to make Shell change what it is doing in response to climate change. Investors back resolution calling on oil giant to set tougher carbon targets in line with Paris climate deal.

Royal Dutch Shell faces a shareholder challenge over climate change this week, as investors insist oil and gas firms should offer more transparency and action on carbon emissions.

A growing number of pension funds have backed a resolution at Shell’s AGM on Tuesday that calls on the company to set tougher carbon targets that are in line with the goals of the Paris climate deal.

The proposal has been backed by the Church of England, the Dutch pension fund Aegon and, most recently, Nest, the workplace pension scheme set up by the UK government, which has £7m invested in Shell.

Mark van Baal, the founder of Follow This, a Dutch campaign group that brought the resolution, said: “Investors have a choice: vote for Shell’s ‘whatever world’ or vote for the world of the Church of England, a world in which all companies set targets to limit climate change to well below 2C.”

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