WionDrive News Desk 
Shell shareholders have overwhelmingly rejected a climate resolution proposed by an activist group, following a meeting marked by protests.
In March, Shell weakened its 2030 carbon reduction target, citing expectations for strong gas demand and uncertainty in the energy transition, while focusing on more profitable operations, primarily in oil and gas.
The resolution was filed by activist shareholder Follow This and backed by a group of 27 investors collectively managing around $4 trillion in assets. It urged Shell to align its medium-term carbon emissions reduction targets with the Paris Climate Agreement, including emissions from fuels burned by consumers.
However, the resolution received only 18.6 percent support from shareholders, compared to just over 20 percent last year.
Shell’s board had urged investors to oppose the resolution, whose backers included Amundi, Scottish Widows, Rathbones Group, and Edmond de Rothschild Asset Management.
At the same time, a separate resolution brought forward by Shell’s board on its climate strategy won 78.2 percent support from shareholders.
“I’m pleased that we have seen the Follow This resolution get an even lower share of the votes compared to previous years. That’s a sign of growing trust and confidence in our ability to navigate the energy transition,” CEO Wael Sawan told reporters according to Reuters.
Norway’s state investment fund, Norges Bank Investment Management (NBIM), which manages $1.6 trillion on behalf of the Norwegian people and is one of Shell’s largest investors, has urged the oil group to clarify its climate targets. This call comes as Shell braces for its biggest ever green shareholder rebellion at next week’s annual general meeting.
NBIM urged Shell to provide investors with more information about its plans for the next decade, following the company’s new chief executive’s decision to water down climate commitments earlier this year.
At Tuesday’s meeting, Shell’s board faced a shareholder resolution backed by 27 of its investors, holding 2.5 percent of its shares, calling for the company to align its business plans with the Paris climate agreement.
The push, coordinated by the Dutch campaign group Follow This, is understood to be the largest such climate rebellion mounted against Shell’s directors in terms of the size of the funds involved.
