Environmental law firm and Shell shareholder ClientEarth filed a lawsuit Thursday against Shell’s board of directors, a new kind of salvo against 'Big Oil' over climate change.
Environmental law firm and Shell shareholder ClientEarth filed a lawsuit Thursday against Shell’s board of directors, a new kind of salvo against"Big Oil" over climate change.
Plaintiffs say the board's actions are in violation of the U.K.'s Company Act, which imposes a duty on board members to act in a way most likely to promote the success of the company. The lawsuit comes just one week after Shell posted a record annual profit of nearly $40 billion for 2022, smashing previous earnings and more than doubling its profits from 2021. Like other major oil companies, Shell saw its profits skyrocket in 2022 due to the energy crisis caused by Russia’s war in Ukraine.
But ClientEarth argued in its lawsuit that Shell’s strategy excludes short- to medium-term targets to cut Scope 3 emissions, which accounts for the lion’s share of their overall emissions.
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