· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:
🗞️ Driving the news: Shell is experiencing a shareholder rebellion led by 27 investors, including the UK's largest pension scheme, Nest
• They support a climate activist resolution by Follow This, demanding that Shell align its emissions reduction targets with the 2015 Paris agreement
• This group represents about 5% of Shell’s shareholders
🔭 The context: The resolution, gaining traction among major financial players like Amundi and Candriam, calls for a credible scope 3 emissions target from Shell
• Scope 3 emissions are indirect emissions associated with a company's activities, including raw material sourcing and product transportation
• This demand reflects growing investor concern over environmental impacts and corporate responsibility in climate change
🌍 Why it matters for the planet: The push for more stringent emissions targets from a major oil company like Shell is pivotal in the global effort to combat climate change
• Setting ambitious scope 3 emissions targets can significantly influence the overall reduction of greenhouse gases, crucial for meeting international climate goals
⏭️ What's next: The resolution will be voted on at Shell’s annual general meeting in May
• The backing of significant investors indicates a shift in shareholder priorities towards ethical and environmental considerations, potentially leading to more robust climate action from major corporations like Shell
💬 One quote: “This escalation of 27 leading investors puts the call for emissions reductions by energy companies front and centre for all institutional investors” (Mark van Baal, founder of Follow This)
📈 One stat: The resolution has the support of investors holding about €4tn in assets, signaling substantial financial backing for climate-focused corporate governance
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