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Finance

Investor rebellion looms as Shell faces backlash over net zero plans

Shell faces investor rebellion as claims emerge of scaling back net zero plans, with the Universities Superannuation Scheme (USS) set to vote against the re-election of Sir Andrew Mackenzie as Chairman.

USS, Britain’s largest private pension fund, has expressed concerns that Shell is not doing enough to reduce its carbon footprint.

The pension fund spokesperson has stated that they will vote against the re-election of the chair and chair of the safety, environment, and sustainability committee, as they believe Shell’s decarbonisation plans fall short of expectations.

Nest and London CIV, major UK pension schemes representing nearly £78 billion, reportedly plan to vote against Shell directors this month, following the Church of England Pensions Board and Brunel Pensions Partnership who announced their intentions earlier.

Shell’s Annual General Meeting is scheduled for Tuesday 23rd May.

A Shell spokesperson told ELN: “We strongly disagree with the Follow This resolution and with those organisations which have recommended supporting it. There must be an emphasis on changing the use of energy as much as its supply, and this is reflected in our approach.

“Our strategy remains unchanged – to become a net zero emissions energy business by 2050 or sooner. And in the last year, we’ve continued to invest in low carbon energy and made very good progress towards our targets to reduce emissions.

“At the start of this year, we completed our $2 billion (£1.6bn) acquisition of a leading global biogas company, in the last 12 months we have increased the number of electric vehicle charge points we own or operate globally by more than 60%. At the same time, we will continue to invest in producing the energy the world needs today and for the foreseeable future. All of our investments have to provide a rate of return that our investors demand.

“We trust a vast majority of shareholders will agree on the need to collaborate in balancing the supply and use of energy to accelerate the energy transition while reducing the social costs.”

Read the full article here

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