Big Shell investors urge others to back greater climate action

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: Major shareholders in Shell, including Amundi and Axa Investment Managers, have filed a resolution urging the company to align its medium-term emissions targets with the Paris Agreement
• The resolution calls for more aggressive climate action, in contrast to Shell's current stance

🔭 The context: This resolution and accompanying letter, backed by 27 shareholders owning 2.5% of Shell, marks a significant push for climate policy reform within the oil and gas industry
• It comes in response to Shell's perceived backtrack on its climate goals, and amid broader debates about industry responsibilities in combating climate change

🌍 Why it matters for the planet: Aligning Shell's targets with the Paris Agreement is crucial to curbing global warming
• The letter emphasizes the necessity of climate action to preserve the global economy and signals an intensifying demand for responsible practices in the energy sector

⏭️ What's next: The annual meeting later this month will see a vote on the resolution. The outcome may serve as a bellwether for industry trends, with oil majors watching closely

💬 One quote: "This year’s vote is especially important as Shell has recently backtracked on its climate targets," states the letter coordinated by Follow This

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