by Ron Bousso
(Reuters) – Shell shareholders on Tuesday rejected a resolution tabled by an investor group that called on the oil major to set tougher climate targets.
In March, the group’s CEO, Wael Sawan, had already lowered the group’s greenhouse gas emissions reduction target for 2030, citing strong demand for gas and uncertainty linked to the energy transition. It also wants to focus on more profitable operations, primarily in oil and gas.
According to preliminary results, the investor resolution received the support of 18.6% of shareholders.
A separate resolution presented by Shell’s board on its climate strategy won the support of 78.2% of shareholders.
“Shell believes there will be a need for continued investment in oil and gas,” chairman Andrew Mackenzie said at the company’s annual general meeting.
Liquefied natural gas (LNG) will become essential throughout the energy transition and “oil will play a vital role for a long time to come,” said Andrew Mackenzie.
The meeting was interrupted several times by environmental protesters shouting “Shell kills”.
French company TotalEnergies will hold its general meeting of shareholders on Friday.
(Reporting Ron Bousso in London, with Deep Vakil in Bangalore, French version Kate Entringer, editing by Blandine Hénault)
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