According Reuters, a group institutional investors sued Shell Energy and Gas because they allegedly failed to adequately prepare for the shift from fossil fuels.
Shell investors Client Earth, and an activist group called Shell, are taking the board to trial. Shell investors Client Earth and an activist group called Shell are suing the board. They claim that the board is creating Shell’s future problems through its failure to shift to green energy. ”
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Client Earth stated in a statement that Shell’s Board must manage all risks that could impact its future success. Client Earth stated that Shell’s Board has a legal obligation to manage these risks and that the climate crisis poses the greatest threat to the company.
Shell must move away from fossil fuels in order to remain competitive in the future energy markets. Customers and countries around the globe are switching to cleaner, cheaper energy. According to the group, Shell’s Board does not have a plan.
Shell made record profits last week. It took in $40 billion due to price increases resulting from the Russian-Ukrainian war.
Shell refuted the claims made by the activist group. Shell claimed that it is on track to meet its climate targets, in compliance both with law and with shareholders.
A spokesperson said that ClientEarth’s attempt at overturning board policy as approved and approved by shareholders had no merit. ”
Shell plans to reduce carbon emissions by 20% in 2030, 45% by 2035, and 100% by 2050 starting in 2016.
Plaintiffs claim Shell is not reducing its carbon emissions. Shell’s efforts to protect the planet are being undermined by this, which further increases the risk. ”
According to the statement, “the future effects of Shell’s flawed climate plan could cause Shell’s price to plummet, cost jobs and run the risk that shareholders lose significant amounts of cash, such as people’s pension funds and investors losing substantial sums of money.
Shell received letters of support from a number of pension funds, including Nest, Swedish, Nest, London CIV, Nest, French Asset Manager Sanso IS”, Degroof Petercam Asset Management and Danes Danske Bank Asset Management. Danica Pension was also supported by Shell. ”
Shell owns a small portion of Shell’s shares. It holds approximately 12 million shares of the 7 billion.
