{"id":21314,"date":"2022-05-09T16:29:11","date_gmt":"2022-05-09T14:29:11","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=21314"},"modified":"2023-03-29T15:41:55","modified_gmt":"2023-03-29T13:41:55","slug":"shells-agm-shareholders-must-vote-against-shells-climate-plan","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2022\/05\/09\/shells-agm-shareholders-must-vote-against-shells-climate-plan\/","title":{"rendered":"Shell’s AGM: shareholders must vote against Shell\u2019s \u201cclimate\u201d plan"},"content":{"rendered":"

Pre-AGM decryption and post-AGM reaction \u2193<\/strong><\/em><\/p>\n

On the 24th of May, investors will called to vote upon Shell\u2019s Energy Transition Progress Report (1). This report follows-up on Shell\u2019s Energy Transition Strategy voted last year, with almost no improvements compared to past commitments. Although the company sets decarbonization targets (2), Shell\u2019s climate action is far from aligned with 1.5\u00b0C: by 2050, the company will overshoot its 1.5\u00b0C carbon budget by 40.9% (3). While climate scientists have made it very clear that we have three years left to make drastic cuts in global emissions and avert worsened impacts, Shell\u2019s plan for this decade focuses too heavily on developing new oil fields, and delays much needed immediate action. As a result, Shell will have spent its entire 1.5\u00b0C carbon budget as soon as 2034. Ahead of Shell\u2019s Annual General Meeting (AGM), shareholders who have pledged to align their portfolios with 1.5\u00b0C must a) vote against Shell\u2019s flawed climate plan, b) vote for the alternative resolution filed by shareholders demanding Paris-aligned targets, and c) sanction the companies anti-climate oil & gas expansion plans by voting out incumbent Directors.\u202f <\/b><\/span><\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/span>

Shell\u2019s strategy is not aligned with a 1,5\u00b0C pathway<\/h1><\/span>
<\/div><\/div><\/div>

In May 26, 2021, the Hague District Court ordered Shell to reduce its worldwide CO2 emissions by 45% by 2030 compared to 2019 levels<\/a><\/u>. More than a year later, 95% of the company\u2019s emissions are still left without any absolute target, as the company covers only emissions related to its operations and ignores those coming from the use of its sold products (4).<\/p>\n

In its 2022 Energy Transition Progress Report (5), the company confirms its decarbonization strategy mostly relies on decreasing the carbon intensity of its sold energy products, regardless of how discutable this metric is (6). Shell\u2019s strategy is still far from being compatible with a 1.5\u00b0C pathway. The only improvement consists in a new decarbonization target aiming to cut its Net Carbon Intensity (7) by 9 to 12% by 2024 (versus 2016 levels). By 2030, the company still aims for a 20% reduction of its carbon intensity (versus 2016 level), less than half of what is needed according to the International Energy Agency (IEA) Net Zero scenario to keep global warming below 1.5\u00b0C (8). As a result, by 2030, 80% of Shell\u2019s carbon budget will have gone up in smoke as soon as 2030 (9).<\/p>\n

To achieve its – already inadequate -\u202f targets, Shell heavily relies on offsets, with 120 MtCO2e per annum coming from so-called nature-based solutions (NBS) by 2030 and with 26 MtCO2e per annum through Carbon Capture and Storage (CCUS) by 2035. These goals would require Shell to plant enough trees to cover an area three times the size of the Netherlands and to increase by more than 64% the current number of operating CCUS units worldwide (10).<\/p>\n<\/div>

<\/div><\/div><\/span>

Shell is Europe\u2019s second biggest developer of new oil & gas\u202f <\/span><\/span>\u00a0<\/span><\/h1><\/span>
<\/div><\/div><\/div>

Shell is currently the biggest European oil and gas producer and the second biggest European developer of new oil and gas projects. It is currently developing 3779 Million Barrels of Oil Equivalent (MMBOE) of new oil and gas fields (11), enough to increase its total producing assets by 17% in the next few years. More than 40% of new developments will take place in unconventional sectors (12) carrying high environmentally risks: 20.9% in ultradeep offshore, 3.7% in Arctic, a particularly sensitive ecosystem and critical area for climate regulation (13), and the remaining 15.5% will come from fracking whose practice is likely linked to methane – a potent greenhouse gas (GHG) – leakages far above the industry standards (14).<\/p>\n

As a result, the group\u2019s fossil fuel production will remain too high in the coming decade. Although Shell announced its oil production peaked in 2019 and is expected to decline at a 1-2% per annum rate by 2030, it is aiming for an increase of its gas production. Overall, its upstream fossil production in 2030 could drop by as little as 8.4%, compared to recent levels (15). This is grossly insufficient considering the United Nations (UN) Production Gap Report highlighted the need for oil and gas production to decrease by 4% and 3% each year to keep global warming below 1.5\u00b0C (16).<\/p>\n

Shell\u2019s ongoing focus on oil and gas production is reflected in its CAPEX allocation choices. The company plans to direct 11.4% of its annual CAPEX to its Renewable and Energy services business line \u201cin the near term\u201d(17). Although this will double the share of renewable investments (from 5% in 2020), this will not be enough for Shell\u2019s energy mix to transition away from fossil fuels in the near and medium term. In 2030, assuming the company meets its targets, renewable energy sources will account for approximately 22% of Shell\u2019s energy mix (18).<\/p>\n

As other majors, Shell argues it is in the process of \u201cdiversifying\u201d its energy mix. However, for the time being, this diversification strategy only amounts to adding renewable energy capacity on top of oil and gas production, instead of replacing it. As long as the company sustains high levels of fossil fuels production, it will not achieve the deep emission cuts required to keep climate change in check.<\/p>\n<\/div>

<\/div><\/div><\/span>

How to vote for the climate at Shell\u2019s AGM? <\/span><\/span>\u00a0<\/span><\/h1><\/span>
<\/div><\/div><\/div>

For the second time, Shell will consult its shareholders on its climate strategy, through an advisory \u201cSay on Climate\u201d vote (resolution n\u00b020, asking to approve Shell\u2019s Energy Transition Progress Report for 2021). One has to note this vote is focused on the implementation of a strategy that was already approved by 89% of shareholders in 2021, rather than on a new improved strategy with more ambitious targets.<\/p>\n

As the analysis above clearly demonstrates, Shell\u2019s so-called climate strategy is very far from being aligned on a 1.5\u00b0C pathway. Results from the CA100+ \u201cNet Zero Company Benchmark\u00a0\u00bb confirm this finding (19): the oil & gas major\u2019s transition plan only complies with three out of the nine criteria assessed in the benchmark. What is more, Shell fails on the most important criteria (short-, medium-, and long-term GHG reduction targets, CAPEX alignment, etc.). Faced with the risk of rubber-stamping an incomplete and unambitious climate plan, Shell\u2019s shareholders should vote against resolution n\u00b020 and oppose its fake \u201cSay on Climate\u201d.<\/p>\n

This vote against the company\u2019s in-house climate resolution should be completed by a vote for resolution n\u00b021, filed by a group of shareholders coordinated by Follow This and asking Shell to set Paris-aligned climate targets. The company\u2019s decision not to support this resolution is based on weak arguments (20).<\/p>\n<\/div>

However, voting against Shell\u2019s climate plan and for a more credible alternative one is not enough. Investors must also send a more direct message to the company regarding the urgency of stopping oil and gas expansion. In accordance with the United Kingdom (UK) Corporate Governance, Shell\u2019s entire Board is set to resign and be reelected each year. Since only one member of the board will step down at this occasion, the AGM will be asked to reelect 10 of Shell\u2019s 11 Directors, who are directly accountable for the company\u2019s failing climate strategy. As Directors, they share a direct responsibility in the company\u2019s fossil expansion policy. Therefore, climate-conscious investors should vote against their reappointment, as an escalation strategy for their failure to make the company stop developing new 1.5\u00b0C-incompatible oil and gas projects.\u202f <\/b><\/span><\/p>\n<\/div>

<\/div>

The table below provides a summary of our voting recommendations.\u202f<\/span><\/span>\u00a0<\/span><\/p>\n<\/div>\n

\n\n\n\n\n\n\n\n
Resolution<\/th>\nIssue<\/th>\nOur recommendation<\/th>\nVote results on May 24th<\/th>\n<\/tr>\n<\/thead>\n
Resolution n\u00b020 – Advisory vote on the company\u2019s climate strategy<\/span>\u00a0<\/span><\/td>\nShell\u2019s plan is neither complete nor aligned on a 1.5\u00b0C pathway.\u202f<\/span>\u00a0<\/span><\/td>\nVote against<\/td>\nApproved<\/td>\n<\/tr>\n
Resolution n\u00b021 – (filed by shareholders) – Publish and set Paris-aligned climate targets<\/span>\u00a0<\/span><\/td>\nAs a logical complement to a vote against resolution n\u00b020, it is important to put Shell on a more ambitious climate path.\u202f<\/span>\u00a0<\/span><\/td>\nVote for<\/td>\nRejected<\/td>\n<\/tr>\n
Resolutions n\u00b04 to 13 – Reelection of 10 Directors\u202f<\/span>\u00a0<\/span><\/td>\nSanction the incumbent Directors\u2019 failure to have the company commit to stopping oil & gas expansion<\/span>\u00a0<\/span><\/td>\nVote against<\/td>\nApproved<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div>

Notes<\/u> :<\/b><\/p>\n

    \n
  1. Shell,\u00a0Energy Transition Progress Report<\/a><\/u>, 2022<\/li>\n
  2. Decarbonization targets are based on emissions classification. Emissions are divided in three categories: scope 1, covering direct emissions related to a company\u2019s operations; scope 2, covering indirect emissions related to a company\u2019s operations (e.g. emissions related to the production of any electricity the company\u2019s operations would source from a power producer and retailer); scope 3, covering all indirect emissions \u2013 not included in scope 2 \u2013 that occur in the value chain of the reporting company, including both upstream and downstream emissions (e.g. for an oil and gas company, emissions related to the use of its oil and gas products by its final users). Scope 3 is the most material scope of emissions for oil and gas companies.<\/li>\n
  3. Reclaim Finance, Is Shell on track for 1.5\u00b0C?<\/a><\/u>, 2022<\/li>\n
  4. Shell set an absolute emissions reduction target by 2030 on its scope 1 and 2 only, which accounted for 5% of its emissions in 2019, baseline year prescribed by the court ordering.<\/li>\n
  5. Shell sustainability report<\/a><\/u>\u00a02021<\/li>\n
  6. Carbon intensity is a metric that needs to be handled carefully; although a decrease translates to an overall cleaner energy mix, it does not guarantee decreasing absolute emissions, which is the only quantity of importance with regard to mitigating climate change.<\/li>\n
  7. Shell\u2019s Net Carbon Intensity covers emissions from scope 1, 2 and 3 related to the production of the energy products it sells.<\/li>\n
  8. This is equivalent to a 19% reduction of its carbon intensity by 2030 against 2019 levels. In the same time frame, the company would need to reduce its carbon intensity by 48.2% to align on the IEA Net Zero scenario from 2030 going forward.<\/li>\n
  9. More details on Major Failure – Reclaim Finance<\/a><\/u><\/li>\n
  10. Carbon Tracker Initiative report, Oil companies should hedge their bets on offsetting and CCUS<\/a><\/u><\/li>\n
  11. gogel.org<\/a><\/u><\/li>\n
  12. Urgewald analysis of Rystad Energy UCube data.<\/li>\n
  13. See our report<\/a><\/u>\u00a0on the risks incurred to the Arctic Region by the oil and gas industry<\/li>\n
  14. EEB report, Perspective on air emissions of methane and climatic warming<\/a><\/u><\/li>\n
  15. Based on Rystad Energy UCube data, recent levels being the averaged annual production for the period 2019 – 2021.<\/li>\n
  16. UN Production Gap report<\/a><\/u>, 2020<\/li>\n
  17. Shell\u00a0Strategic report 2020<\/a><\/u><\/li>\n
  18. Figures based on Reclaim Finance calculations, using company\u2019s reported data. More details on Major Failure – Reclaim Finance<\/a><\/u><\/li>\n
  19. Climate Action 100+\u00a0\u201cNet Zero Company Benchmark\u201d\u00a0<\/a><\/u>for Shell, 2022.<\/li>\n
  20. See our rebuttal of BP\u2019s arguments<\/a><\/u>\u00a0on the very same resolution.<\/li>\n<\/ol>\n<\/div><\/div><\/div><\/div><\/div>
    <\/i>
    <\/div><\/div><\/div><\/div><\/div>

    Our reaction to Shell’s AGM:
    \n<\/span><\/u><\/b><\/span><\/p>\n

    On May 24, 79.9% of Shell\u2019s shareholders approved the company\u2019s flawed climate strategy (Energy Transition Progress Report). Following underwhelming votes at Repsol (83% support for the company\u2019s climate plan), Equinor (97.5% support, 81% of non-governmental votes) and BP (88%) earlier this month, the poll results from Shell\u2019s AGM illustrate the chasm between investors’ pro-engagement rhetoric and their actual votes. Most investors continue to rubber stamp weak climate plans, further undermining the credibility of their engagement as shareholders.<\/p>\n

    However, this vote at Shell\u2019s AGM marks the lowest approval ever obtained by an oil & gas major on its climate plan. Between 2021 and 2022, the votes against Shell\u2019s flawed climat plan doubled to 20% (up from 11% last year). After the humiliation suffered by Australian company Woodside petroleum last week (49% of its investors opposed its flawed climate plan), this sends the signal to oil & gas companies that a significant minority of their shareholders no longer admit vague \u201ccarbon neutrality by 2050\u201d commitments without consistent short and medium-term targets and 1.5\u00b0C-aligned capital expenditures.<\/p>\n

    In the meantime, investor support for Paris-consistent targets (resolution 21<\/a><\/u>, filed by Follow This) decreased to 20% (down from 30% in 2021), following the same pattern seen at BP a few days ago. Climate was the single most discussed topic during Shell\u2019s AGM, which was also disrupted for 3 hours by 70 climate activists.<\/p>\n

    \n

    \u201cToday\u2019s AGM votes at Shell paint a mixed picture. While a majority of investors voted for the company\u2019s flawed climate plan, it obtained a record low level of approval for an oil and gas major\u2019s climate plan, with votes against it nearly doubling compared to 2021. An increasingly large and active minority of shareholders refuse to be complicit of the majors\u2019 climate inaction.\u201d commented Guillaume Pottier, campaigner at Reclaim Finance<\/strong>.<\/p>\n<\/blockquote>\n<\/div>

    <\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":21320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[1119,2014,413,1022],"acteurs_financiers":[2436],"thematique":[2423,2419],"webinar_type":[],"programme":[],"class_list":["post-21314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-agm","tag-energy-transition-en","tag-oil-and-gas","tag-shell","acteurs_financiers-investors","thematique-fossil-fuels","thematique-oil-and-gas-en"],"yoast_head":"\nShell's AGM: shareholders must vote against Shell\u2019s \u201cclimate\u201d plan - Reclaim Finance<\/title>\n<meta name=\"description\" content=\"On the 24th of May, investors will be voting for or against Shell\u2019s \u201cclimate\u201d plan. called to vote upon Shell\u2019s Energy Transition 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