{"id":14943,"date":"2024-01-16T14:39:56","date_gmt":"2024-01-16T14:39:56","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=14943"},"modified":"2024-01-16T17:38:17","modified_gmt":"2024-01-16T17:38:17","slug":"4-trillion-investor-group-urges-shell-to-set-paris-aligned-scope-3-emission-target","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/4-trillion-investor-group-urges-shell-to-set-paris-aligned-scope-3-emission-target\/","title":{"rendered":"$4 Trillion Investor Group Urges Shell to Set Paris-Aligned Scope 3 Emissions Target"},"content":{"rendered":"<!--themify_builder_content-->\n<div id=\"themify_builder_content-14943\" data-postid=\"14943\" class=\"themify_builder_content themify_builder_content-14943 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n\n\n<p>A group of 27 institutional investors representing more than $4 trillion in assets under management announced today that they have co-filed a shareholder resolution at Shell, urging the energy giant to set Paris Agreement-aligned medium-term target to reduce emissions arising from the use of its products.<\/p>\n\n\n\n<p>The resolution, led by oil and gas-focused shareholder activist group Follow This, was filed by investors including Amundi, NEST, Scottish Widows and Candriam. Collectively, the investor group owns approximately 5% of Shell stock.<\/p>\n\n\n\n<p>Diandra Soobiah, Head of Responsible Investment at NEST, said: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u201cWe urge Shell to set a credible scope 3 absolute emissions target. This would demonstrate leadership, show Shell is serious about transitioning its business, and play a role in generating real-world change.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>The resolution calls on Shell to align its medium-term target for reductions in Scope 3 emissions from the use of its energy products with the goal of the Paris Agreement, which aims to limit global warming to well below 2\u00b0C, and to pursue efforts to limit the temperature increase to 1.5\u00b0C. The resolution also states that it leaves the strategy for achieving the targets up to the board of the company.<\/p>\n\n\n\n<p>Follow This led a group of shareholders last year in filing a similar resolution, which received 20% support at Shell\u2019s 2023 AGM. The updated resolution incorporates key changes, including replacing last year\u2019s \u201c2030 target\u201d with a less prescriptive \u201cmedium-term targets,\u201d and a rewritten supporting statement focused solely on emissions.<\/p>\n\n\n\n<p>Mark van Baal, founder of Follow This, said:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u201cLarge shareholders hold the key to tackling the climate crisis with their votes at shareholders\u2019 meetings. Shell will only change if more shareholders vote for change. The resolution is designed to give Shell a shareholder mandate to drive the energy transition.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>In 2020, Shell announced a commitment to achieve net zero in its operations by 2050, and in 2021, the company launched its&nbsp;<a href=\"https:\/\/www.esgtoday.com\/shell-sets-out-net-zero-transformation-strategy-says-emissions-oil-production-have-already-peaked\/\">\u201cPowering Progress\u201d strategy<\/a>, detailing how it will achieve its target to be a net-zero energy business by 2050 across Scope 1, 2 and 3 emissions, with initiatives including investing in renewable and clean energy solutions.<\/p>\n\n\n\n<p>While the company has set 2030 targets to reduce its Scope 1 and 2 emissions, it has avoided setting an interim Scope 3 target. Scope 3 emissions represent more than 95% of the company\u2019s carbon footprint, with \u201cuse of sold products\u201d accounting for approximately 74%.<\/p>\n\n\n\n<p>In the company\u2019s \u201cEnergy Transition Progress Report\u201d released last year, Shell Chairman Andrew Mackenzie said that \u201cthe Board has considered setting a Scope 3 absolute emissions target but has found it would be against the financial interests of our shareholders and would not help to mitigate global warming.\u201d Shell added that in order to implement a more ambitious Scope 3 target, the company would be required to reduce its sales of oil and gas products, which in the absence of a change in customer demand, \u201cwould effectively mean handing over customers to competitors.\u201d<\/p>\n\n\n\n<p>In a statement provided to ESG Today following the announcement of the resolution, a Shell spokesperson said:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u201cShell\u2019s Board has previously advised shareholders that the Follow This resolution was unrealistic and simplistic, that it would have no impact on mitigating climate change, have negative consequences for our customers, and was against the interests of the company and our shareholders.<\/p>\n\n\n\n<p>\u201cContinued, targeted investment in oil and gas will remain necessary to meet global energy demand over the coming decades as the world transitions to a lower-carbon future.\u201d<\/p>\n<\/blockquote><span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>A group of 27 institutional investors representing more than $4 trillion in assets under management announced today that they have co-filed a shareholder resolution at Shell, urging the energy giant to set Paris Agreement-aligned medium-term target to reduce emissions arising from the use of its products. The resolution, led by oil and gas-focused shareholder activist [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14944,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[36,2],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$4 Trillion Investor Group Urges Shell to Set Paris-Aligned Scope 3 Emissions Target - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/4-trillion-investor-group-urges-shell-to-set-paris-aligned-scope-3-emission-target\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$4 Trillion Investor Group Urges Shell to Set Paris-Aligned Scope 3 Emissions Target - ESG Today\" \/>\n<meta property=\"og:description\" content=\"A group of 27 institutional investors representing more than $4 trillion in assets under management announced today that they have co-filed a shareholder resolution at Shell, urging the energy giant to set Paris Agreement-aligned medium-term target to reduce emissions arising from the use of its products. 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