Shell lacks ambition on climate change
July 20th 2020
LAPFF has backed a shareholder resolution calling for Shell to issue short, medium, and long-term climate targets after the company failed to show sufficient ambition to mitigate environmental risk.
The Forum previously recommended a vote against the resolution, which has been brought by Dutch NGO Follow This, at three previous AGMs.
However, following several engagements with Shell, the Forum was unconvinced the company’s climate change plans go far enough.
LAPFF welcomes many aspects of Shell’s new climate ambition but the company seems excessively reliant on carbon capture and storage, among other technologies, to meet these goals.
The Forum argues that a full set of targets would be helpful to clarify how Shell’s ambition might become concrete, and whether the proposals are sufficient to align with Paris Agreement goals.
Cllr Doug McMurdo, Chair of Local Authority Pension Fund Forum, said:
“It is encouraging to see Shell make progress on climate change, but the Forum expects concrete proposals that will ensure the company aligns with the Paris Agreement. We will continue to engage with Shell – and others – to ensure climate change ambitions will meet these important climate change goals.”