Alongside our friends at The Australasian Centre for Corporate Responsibility (ACCR), we’ve submitted a shareholder resolution at oil and gas giant Shell. The resolution asks for more transparency over Shell’s liquified natural gas (LNG) strategy - a fossil fuel that can have a more damaging climate impact than coal.
This is the next step in a campaign driven by concerns that the company’s plans are not consistent with the Paris Agreement to limit global warming. It means that at Shell’s 2025 AGM this spring, its shareholders should vote on our call for the company to justify its growth strategy for the production of LNG.
In a world transitioning to green energy, the level of fossil gas production planned by Shell is not only environmentally dangerous, but creates financial risk for investors too, as the demand for fossil fuels decreases. Shell’s forecast demand for LNG is significantly higher than all future scenarios predicted by the International Energy Agency (IEA), the world’s leading authority on energy modelling.
This resolution is supported by multiple pension funds and more than 100 members of the public, including ShareAction supporters. Together, we’re asking the company to be more transparent about how its LNG strategy is consistent with its own climate commitments.
We’re extremely grateful to the dedicated supporters who have helped make this shareholder resolution possible. At a time when communities around the world are already experiencing harmful impacts of our changing climate, from super-storms to extreme heat and drought, we share a deep concern that Shell’s climate plans are not consistent with the Paris Agreement to limit global warming.
Our supporters are using their voice to send a signal to fossil fuel companies to take responsibility for their huge impact on climate by starting to make credible plans before it’s too late.
Look out for further updates on this campaign over the coming months, in the lead up to Shell’s 2025 AGM.
For more details, read ACCR's press release here.
If you would like to donate to help us continue our work, you can do so here.
