Shell Shareholders Back Energy Transition Strategy at AGM
May 18 2021 - 9:31AM
Dow Jones News
By Jaime Llinares Taboada
Royal Dutch Shell PLC shareholders on Tuesday backed the
company's energy transition strategy at the annual general
meeting.
An advisory vote on Shell's energy transition strategy received
88.74% of support at the meeting, the Anglo-Dutch energy major
said.
Meanwhile, a shareholder proposal urging Shell to set and
publish targets consistent with the goals of the Paris Climate
Agreement, and to report on the strategy, policies and progress
made at least on an annual basis, was rejected with only 30.47% of
votes in favour. The company had said this resolution was redundant
and had advised shareholders to vote against it.
"This shareholder vote on our Energy Transition Strategy is a
first for an energy company and we are pleased shareholders
demonstrated their strong endorsement with more than 88% of votes
cast in favour of our strategy," Chief Executive Ben van Beurden
said.
Shell has a target to become a net-zero company by 2050. The
company has said that its oil production will gradually decline
after peaking in 2019, but it intends to continue expanding its
liquefied natural gas capacity.
The International Energy Agency said Tuesday that investments in
fossil fuels should stop from today if the world is to achieve
net-zero emissions by 2050.
Shell's transition strategy also includes increasing sales of
chemicals, lubricants, low-carbon fuels, electricity and hydrogen,
and investing in nature-based solutions to offset emissions.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 18, 2021 09:16 ET (13:16 GMT)
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