Shell AGM Disrupted By Protests Over Emissions Targets

Protest

Shell's shareholder meeting in London was chaotic. Climate protests delayed the meeting for over an hour. The oil company asked investors to vote against new targets for carbon emissions cuts.

The FTSE 100 oil company had to deal with a shareholder vote. Some big pension funds and investors supported the vote. They wanted the company to set carbon emission reduction targets for 2030. Dozens of protesters wanted the company to stop producing fossil fuels immediately.

Protests about climate change happen often at annual meetings. Banks like HSBC and Barclays and oil companies like BP and Shell are often the focus. They loan money to projects that use fossil fuels.

Shell's new CEO, Wael Sawan, and chair, Andrew Mackenzie, recently spoke at their first annual meeting. Throughout the meeting, they had to defend the company against accusations that they aren't transitioning to renewable energy fast enough.

Sawan mentioned their company spent $4.3bn in eco-friendly energy like biofuels, hydrogen, and electric car charging. This happened in 2022. But this spending is just a part of the total spending that amounts to $25bn. Most of this spending is still for oil and gas, though.

Follow This proposed a climate resolution to the company. The company asked shareholders to vote against it. Follow This is a campaign group. It has been gaining more support from large investors. Follow This has not yet received a majority.

Sawan, a Lebanese-Canadian, disagrees with the Follow This resolution. He cited a proverb to support his argument. Pushing Shell to cut production is too soon. Other fossil fuel producers will take over.

Sawan mentioned a Lebanese proverb that talks about men building a wine cellar when they have only one grape. He thinks Follow This is doing the same thing. They have one idea, which is to replace oil and gas by focusing on companies like Shell.

The vote results should have come out on Tuesday afternoon.

The board of Shell met at a conference centre in London. They were prepared for disruptions because they were informed about potential threats.

As soon as the meeting began, chaos erupted. A protester stood up and started shouting. He asked if they liked David Attenborough, who said it was crazy for banks and pension funds to invest in fossil fuels.

Mackenzie tried to make him sit but he refused. Others started singing "Go to hell, Shell". Then they chanted "shut down Shell" and "we hate Jackdaw". They were referring to the North Sea oilfield. Mackenzie said "We have heard you loud and clear".

The meeting had not started yet but protesters were still making noise after 45 minutes. Security had to protect the board when protesters tried to reach them. There was fighting as security removed the protesters.

Mackenzie said, "We want the debate." Security took many people away.

Shell spokesperson said they respect people's opinion and are open to constructive discussion about their strategy and energy transition. Protesters have shown no interest in productive engagement.

We think society should do something about climate change.

In the previous year, Shell had to halt its AGM because of environmental activists. They yelled, "We will stop you." Following that, three people were detained by the authority.

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