At Shell’s annual shareholder meeting in London on Tuesday, climate activists disrupted proceedings, calling for the energy giant to stop producing fossil fuels. Security staff formed a human chain to shield executives and directors from the protesters. Shell CEO Wael Sawan and Chairman Andrew Mackenzie listened to the protesters, with Mackenzie saying it would be nice to have a debate rather than repeating the same points.
Shell reported a record $40 billion profit last year and is investing in lower-carbon solutions, but is also contending with an increasingly vocal minority of institutional shareholders who want it to move faster to tackle climate change. A resolution submitted by activist group Follow This, calling on the company to set more ambitious emissions targets, was rejected by Shell’s board, but received a fifth of the vote.
Shell’s own climate strategy resolution won 80% of the vote, in line with last year. Sawan said the silent majority is being clear with their expectations for a balanced transition. Scientists say the world needs to cut greenhouse gas emissions by about 43% from 2019 levels by 2030 to meet the Paris Agreement’s goal of keeping warming to less than 2 degrees Celsius.