of Shell shareholders want to force the oil majors to respect the Paris agreements

It was in 2016 that Follow This (“Follow the movement”) attempted a first climate resolution during a general assembly of Shell. The environmental activist shareholders then asked the oil group to align its CO2 emission reduction targets with the Paris Agreement by taking into account not only oil extraction, but also end-of-chain emissions, such as those motorists, for example. A commitment voted by only 3% of shareholders. Last year, they were 20% to ask Shell to go further in its commitments. Tuesday, May 23, for the 2023 general assembly, in London, Tarek Bouhouch, member of Follow This, hopes that the ranks of his camp will have widened further: “We must reduce our emissions. It is the shareholders who have the most ear of the decision-makers of the oil companies.”

“Shell, but also Exxon Mobil, Chevron, BP or TotalEnergies: we believe that these five have the power to make or break the Paris agreement.”

Tarek Bouhouch, Shell shareholder and member of Follow This

at franceinfo

These shareholders mobilized for the climate are largely in the minority: even if there are ten thousands of them, they weigh little in the capital of Shell and other BP or TotalEnergies, but their message seems to be increasingly heard. They have different profiles. There are old-timers and newcomers. Climate activists, for example, who are investing to make their voices heard. Agathe Masson, of the NGO Reclaim Finance, hopes in any case a lot of their mobilization: “They have the privilege of being able to discuss with these companies. They can ask the majors not to develop any new oil and gas projects.” Provided therefore, to be much more numerous than today.

On the eve of Big Oil’s AGM season, the investor community is deciding how they will vote on crucial climate resolutions.

Prepare for the oil majors’ next AGM season in 1.5 hours.

Read the program and register your attendance here: https://t.co/GTpjbD7uUd pic.twitter.com/y3ZDZLb9gk

— Follow This (@followthis2015) March 23, 2023

After Shell’s general meeting on Tuesday, the Follow This climate resolution will be presented to TotalEnergies shareholders on Friday. The French group has already asked them to vote against. It would be “contrary to the interests of the group”, says the company, which encourages its shareholders to vote for the climate plan prepared by management.