ClientEarth, an environmental law charity and institutional investor in Shell, is suing the company board for inadequately preparing to transition away from fossil fuels.
“Shell’s Board on the other hand maintains that its ‘Energy Transition Strategy’ — including its plan to be a net-zero emissions business by 2050 — is consistent with the 1.5°C temperature goal of the Paris Agreement,” ClientEarth notes. “It also claims that its plan to halve emissions from its global operations by 2030 is ‘industry-leading,’ however this covers less than 10% of its overall emissions.
ClientEarth and its backers are asking the High Court of Justice in London to force Shell’s board to “adopt a strategy to manage climate risk in line with its duties under the Companies Act” and in compliance with a“Long term, it is in the best interests of the company, its employees, and its shareholders — as well as the planet — for Shell to reduce its emissions harder and faster than the board is currently planning,” Benson said.
Jacqueline Amy Jackson, the head of responsible investment at London CIV — one of the institutional backers of ClientEarth’s lawsuit — said that “we do not believe the board has adopted a reasonable or effective strategy to manage the risks associated with climate change affecting Shell.” “In our view,” Jackson added, “a board of directors of a high-emitting company has a fiduciary duty to manage climate risk, and in so doing, consider the impacts of its decisions on climate change, and to reduce its contribution to it.”ClientEarth filed its complaint a week after Shellthat its profits doubled in 2022, surging to a record $40 billion as households across Europe and around the world struggled with high energy costs.
“Shell’s so-called renewable and energy solutions category is pure fiction,” said Zorka Milin, a senior adviser at Global Witness. “The company is living in fantasy land if it thinks fossil gas has any place in the much-needed energy transition. Shell’s business model has always been, and continues to be, overwhelmingly based on climate-polluting fossil fuels.”from nearly 14,000 Nigerians whose communities have been devastated by the company’s pollution and oil spills.
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