May 4, 2018

Investors press Shell for tougher carbon emissions cuts

Investors with £28bn of assets under management, including pension funds of the Church of England and the UK Environment Agency, have declared support for a shareholder resolution that would force Royal Dutch Shell to adopt tougher targets for reducing carbon emissions. Several big Dutch investors have already said they will vote in favour of the resolution at Shell's annual meeting on May 22 and they were joined on Friday by UK funds including the investment and pensions arms of the Church of England. Shell set itself apart from rivals last year by including emissions from the use of its oil and gas products when calculating its carbon footprint, rather than only those caused by its own operations. The Church of England informed Shell of its decision to support the resolution in a joint letter with the pension fund of the UK Environment Agency, a government body responsible for environmental protection. The resolution is unlikely to win enough support to force Shell to adopt it, but activists are hoping to improve on the 6.3 per cent support achieved in a similar vote last year.

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