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Apr 15, 2021
Shell today issued its Energy Transition Strategy publication, which will be put to shareholders for an advisory vote at the company’s Annual General Meeting on May 18, 2021. This is the first time that an energy company has asked shareholders to vote on its energy transition strategy.
“As we transform our business, it is more important than ever for shareholders to understand and support our approach,” says Royal Dutch Shell Chief Executive Officer, Ben van Beurden, in his introduction to the publication. “We are asking our shareholders to vote for an energy transition strategy that is designed to bring our energy products, our services, and our investments in line with the goal of the Paris Agreement and the global drive to combat climate change.”
This publication sets out the company’s target to achieve net-zero emissions by 2050, in step with society’s progress towards the goal of the Paris Agreement on climate change. It also describes Shell’s short- and medium-term climate targets, customer-focused decarbonisation strategy, capital allocation and approach to climate-related policy and advocacy.
The decision to seek an advisory vote was announced in February as part of Shell’s Powering Progress strategy, which aims to accelerate the transition of the company’s business to net-zero emissions, in step with society. It follows continuing engagement with shareholders, including with Climate Action 100+ which represents investors with assets of around $54 trillion.
The vote is purely advisory and will not be binding. Shell’s Board and Executive Committee remain responsible and accountable for setting and approving Shell’s energy transition strategy.
Shell will publish an update to its Energy Transition Strategy publication every three years until 2050. Every year, starting in 2022, it will also seek an advisory vote on its progress towards its plans and targets.
To read the Shell Energy Transition Strategy, go to www.shell.com/energytransitionstrategy
For more details on Shell’s Powering Progress strategy and climate ambition please visit www.shell.com.
Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects. For further information, visit www.shell.com.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this release “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this release refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
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Also, in this release we may refer to Shell’s “Net Carbon Footprint”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Footprint” is for convenience only and not intended to suggest these emissions are those of Shell or its subsidiaries.
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