At Shell’s annual general meeting (AGM) in London, more than 21% of shareholders disapproved of the company’s energy transition strategy. Additionally, a climate resolution proposed by shareholder activist group Follow This was rejected. Follow This advocates for alignment with Paris Agreement goals, but Shell has weakened its 2030 carbon reduction targets, citing strong gas demand and a focus on profitable oil and gas operations.
The AGM was preceded by protests outside the building, with activists criticizing Shell’s climate record and alleged actions in the Niger Delta. During the meeting, activists from groups including Fossil Free London, Extinction Rebellion UK, and the Climate Justice Coalition interrupted opening remarks, chanting slogans against Shell’s environmental practices. They highlighted alleged human rights abuses and environmental destruction, leading to a confrontation with security personnel.
Despite attempts to silence dissenting voices, the meeting continued with questions from shareholders. Mark van Baal of Follow This questioned Shell’s commitment to reducing emissions, while Shell’s Chief Executive Wael Sawan defended the company’s strategy as aligned with achieving net-zero emissions by 2050.
After the meeting, Shell Chairman Sir Andrew Mackenzie apologized for the handling of the protests, acknowledging that it had not been conducted in the proper manner. However, he emphasized Shell’s goal of reaching net-zero emissions by 2050 and maintained the necessity of oil and gas in the energy transition.
The AGM reflects growing investor pressure on fossil fuel companies to address climate change. Shareholders are demanding greater transparency and action on emissions reduction. Shell’s shareholders have sent a clear message that they expect the company to align with global climate goals and address concerns about its environmental and social impact.
