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

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The shareholders of the British oil group meet Tuesday, May 23 in London. Among them, members of Follow This, a group of carriers who want the multinational to reduce its direct and indirect carbon dioxide emissions.

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Environmental activists demonstrate outside Shell's headquarters in Rotterdam (Netherlands) before a general meeting, December 10, 2021. (SEM VAN DER WAL / ANP)

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.

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.


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