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Royal Dutch Shell has prepared this Energy Transition Strategy publication, which is designed to bring the companys energy products, services, and investments in line with the temperature goal of the Paris Agreement, for submission to a shareholder advisory vote.
The vote will take place at the companys annual general meeting on 18 May 2021 which this year will be webcast, allowing two ways shareholders can follow the proceedings in the comfort and safety of their homes: i) simply watching the webcast; or ii) attending and participating in the webcast by registering through an electronic platform known as virtually attending.
Shareholders who wish to simply watch the AGM webcast should log on to www.shell.com/AGM/webcast and follow the online instructions. Those that want to vote or ask questions at the meeting, should access the virtual meeting.
Royal Dutch Shell CEO, Ben Van Buerden, said: The decision to seek an advisory vote on our energy transition strategy follows our continuing engagement with shareholders, including with Climate Action 100+, which represents investors with assets of around $54 trillion.
This vote does not replace the responsibilities of our directors in setting the company's strategy. We have based the structure of this publication around the net-zero disclosure standard developed by Climate Action 100+ for the oil and gas industry.
The publication includes targets to reduce the carbon intensity of energy products it sells by 6-8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050.
The company said that total carbon emissions from energy sold peaked in 2018 at around 1.7 gigatonnes CO2e per annum (gtpa) and, with the targets set, will be brought down to net zero by 2050.