SHELL PLC | Approve Shell's energy transition progress at ROYAL DUTCH SHELL PLC
How other organisations have declared their voting intentions
|Organisation name||Declared voting intentions||Rationale|
|MN||Against||Although we recognize the progress made by Shell on the Energy Transition Plan, we cannot support the approval of the progress. In 2021, when Shell put the Energy Transition plan up to a vote to the AGM, we voted against the approval of the plan because it was not sufficiently aligned with the Paris agreement. Since then, no major adjustments were made to align the targets with a 1.5C degrees pathway. Therefore, we cannot support progress on a plan which is not Paris aligned.|
|Anima Sgr||Against||The Company's Scope 3 targets relate to intensity reduction, rather than absolute emission reduction. Additionally, there is a lack of detail on the Company's Scope 3 emissions and on how it intends to meet its associated targets. More granular and explicit disclosure should be provided to enable stakeholders to make the connection between the Company's goals and the relevant IEA net zero pathways. Furthermore, CCS (Carbon Capture and Storage) and offsets form a sizable part of the plan.
While it is acknowledged that the Company has provided more information on why it considers its targets aligned with the more ambitious of the Paris scenarios, Client Earth has initiated legal proceedings in the UK, alleging that Shell's directors have failed in their duty to manage and foresee risk related to climate change.
|PGGM Investments||Against||We voted against Shell's Energy Transition Plan in 2021 because we are not convinced it is aligned with the goals of the Paris Agreement. The company has not materiality improved its plan since then and we cannot support the progress on a plan that is not Paris aligned.
|EFG Asset Management||Against||A vote AGAINST the transition progress report is warranted. The Company's Scope 3 targets relate to intensity
reduction, rather than absolute emission reduction. Additionally, there is a lack of detail on the Company's
Scope 3 emissions and on how it intends to meet its associated targets. More granular and explicit disclosure
should be provided to enable stakeholders to make the connection between the Company's goals and the
relevant IEA net zero pathways. Furthermore, CCS (Carbon Capture and Storage) and offsets form a sizable part
of the plan.
|Rathbones Group Plc||Against|
|Rothschild & co Asset Management||Against|
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