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illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:
🗞️ Driving the news: Shell is contesting a Dutch court's order to reduce its greenhouse gas emissions by 45% by 2030, arguing the mandate lacks legal grounds and infringes on judicial boundaries
• The case, initiated by Friends of the Earth's Dutch chapter, Milieudefensie, represents a pivotal moment in climate litigation against corporations
🔭 The context: The 2021 ruling against Shell sparked a wave of similar lawsuits worldwide, emphasizing the role of courts in addressing climate change
• Shell's appeal centers on the assertion that such mandates for individual companies are ineffective for global emission reduction, as they don't consider overall demand for oil and gas
🌍 Why it matters for the planet: The outcome of Shell's appeal could influence future corporate accountability for climate change, especially as global temperatures rise and extreme weather events become more common
• Shell's recent scaling back of certain climate objectives, amid plans to expand its gas business, underscores the tension between energy sector profitability and environmental responsibility
⏭️ What's next: The appeal process, running from April 2 to April 12, could set a precedent for how corporations are legally compelled to align with international climate targets
• A judgment is anticipated in the latter half of this year, with potential implications for energy security and prices
💬 One quote: "This was the mother of all climate cases against corporations," (Klaas Hendrik Eller, assistant professor at the University of Amsterdam)
📈 One stat: Shell aims to achieve a 15-20% reduction in carbon intensity by 2030, having eliminated its 2035 emissions reduction goal while maintaining a net-zero aim by 2050
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