‘Shell kills the climate’

Shell’s chairman was accused of greenwashing as he addressed shareholders at the oil giant’s annual general meeting (AGM).

Sir Andrew MacKenzie was interrupted by protesters as he opened the gathering at the InterContinental London – The O2 hotel on Tuesday.

Dozens of people stood up and began performing a rendition of the Dolly Parton song Jolene, singing “Shell kills, Shell kills, Shell kills, Shell kills”.

Transition

As security staff carried protesters out of the meeting room, they chanted: “Who kills the climate? Shell kills the climate.”

Four people could be seen shouting and linking arms to make it harder for security to remove them.

Before the meeting, a crowd of demonstrators gathered outside the hotel, erecting large signs reading: “Shell profits kill” and “Your greed is killing humanity” as a protester made speeches through a megaphone.

Sir Andrew began his opening remarks by defending the company’s stance on climate, emphasising the goal to be net zero by 2050 and how Shell believes the energy system will transition.

It comes after Shell scaled back its short-term and medium-term targets, weakening a 2030 carbon reduction target and ditching a plan to reduce oil production by one per cent to two per cent each year for the rest of the decade.

Resolutions

The approach is part of new chief executive Wael Sawan’s strategy to focus on higher-margin projects, steady oil output, and growth in the production of natural gas to increase payouts to shareholders.

Sir Andrew told shareholders: “The speed and shape of change can be huge and people often over-estimate this in the short term but under-estimate what can change in the long term.

“While it might be tempting to stop using oil and gas before the world is ready, we must not do so at the expense of the energy needs and aspirations of the global populations.”

As soon as his speech ended, a protester stood up and shouted: “That’s all greenwash.”

The AGM has been dominated by debates around Shell’s climate strategy as shareholders prepare to vote on two resolutions focused on its strategy.

Investors

Shell has put forward a management proposal requesting investors’ approval of the updated energy transition strategy, which features the less ambitious emissions reduction targets than its previous strategy.

A record 27 institutional shareholders have co-filed a resolution, led by Dutch campaign group Follow This, asking for the company to align its Scope 3 emissions with the Paris Climate Agreement goals.

Last year, the board faced a shareholder rebellion when 20 per cent voted against it on both proposals.

Proxy advisory firms Glass Lewis and ISS have advised investors to vote against the shareholder resolution while Pirc has recommended they support it.

Aligned

Later in the same meeting more than a fifth of shareholder votes were cast against Shell’s climate strategy. A resolution to approve the current strategy saw 21.8 per cent of shareholder votes going against management.

rana00

Leave a Reply

Your email address will not be published. Required fields are marked *