This paper explains and analyses the enhanced reporting provided by Royal Dutch Shell following a shareholder resolution filed and passed in 2015.

The resolution directed the company to disclose additional information on areas relevant to climate risk and strategic resilience.

While making progress, in this first year of reporting we find that Shell downplays the risks that a 1.5 – 2°C outlook poses to its business model, and does not provide a clear pathway for strategic alignment with the target set by governments at COP21 in Paris.