Shell faces investor uprising over plans to cut zero ambitions

The Anglican Church has said it will try to oust Shell boss Wael Sawan amid the green investment scandal. Credit: CALLAGHAN O'HARE/REUTERS

A USS spokesman added: “While Shell's 2035 target is in line with the target of less than 2C, the company's operating plans do not show how it will get there. We are also concerned about the company's continued investment in new oil and gas production.

«We view Shell's actions as prioritizing short-term gains over long-term goals, which is not in line with our view as a responsible, long-term investor looking to pay pensions far into the future ”.

Rival energy company BP faced an uprising of small investors at its annual meeting last month, when investors who own 16% of the producer backed the move to force it to adhere to tougher climate targets.

They added: «Our strategy remains unchanged — to become a zero-emissions energy company by 2050 or earlier. And last year we continued to invest in low-carbon energy and made significant progress towards our emission reduction targets.”

The company claims to be ramping up clean energy production. energy sources faster than consumers are adopting them.

Shell has set a goal of cutting its own emissions by 50 percent by 2030 and recently announced that it is already halfway there.