Shell’s shareholders approve climate strategy

Resolution that would have required the firm to do more on near-term targets was rejected

Shell’s shareholders yesterday approved the firm’s climate strategy, at the same time rejecting a resolution that would have required it to do more on near-term targets and linking those targets to absolute emissions reductions. The approved climate strategy will commit Shell to cut the carbon intensity of its scope one, two and three emissions by 20pc by 2030 and 45pc in 2035, before reaching net-zero emissions by 2050. This translates to an overall cut in carbon intensity from 79gCO₂e/MJ in 2016 to under 40gCO₂e/MJ by 2035 and 0gCO₂e/MJ by 2050. “We will seek to fully understand the reason why shareholders voted as they did” van Beurden, Shell The resolution proposing Shell’s Energ