Shell Under Pressure to Adopt Tougher Emissions Targets

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A significant investor in Shell has sided with an activist shareholder group demanding that the oil major improve on its decarbonisation plans, reports Ship & Bunker.

Level of Ambition

Legal & General Investment Management (LGIM) told UK news provider the Guardian that while has acknowledged that the oil major is making progress: “We remain concerned that the strength of interim targets (up to 2035) and disclosed plans for oil and gas production fall short of the level of ambition required for the company to credibly claim alignment with a 1.5C pathway.”

Thirty per cent of shareholders [putting it above the threshold] at Shell’s AGM includng LGIM backed a call for binding carbon emissions reduction targets.

Pressure on Shell

“The result represents an escalation of the pressure on Shell and means the company will be forced to consult shareholders and report on their views within six months,” the report said.

The asset manager, which is part of the insurer Legal & General, manages more than VI.2tn ($1.7tn) of assets, according to the report.

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Source: Ship & Bunker

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