Anglo-Dutch energy giant Shell said today that it would call for the removal of a resolution on climate change at its annual general meeting.
Shell has the support of the climate change activist group that has been liaising with shareholders on the resolution.
The resolution called for Shell to set and publish targets that are aligned with the goal of the Paris Climate Agreement to limit global warming to well below 2 degrees Celsius.
It was requisitioned by a group of shareholders coordinated by Follow This.
Follow This subsequently said it wanted to scrub out the resolution, and has now gathered written support from shareholders to axe it from the agenda.
Shell said resolution 22 was not in the firm’s best interests and that it would propose its withdrawal at the start of Tuesday’s AGM in The Hague.
Shell argued that it had already established a “recognised and sector-leading framework to thrive in the energy transition as a world class investment, and to be a constructive actor contributing to society through the energy transition”.
At the end of 2018, Shell committed to setting net carbon footprint-specific short-term targets and linking its executives’ pay to emissions targets.