2024-01-17 13:52:37
Shell shareholders have asked the hydrocarbon giant to define a trajectory in accordance with the Paris agreement. This may seem counterintuitive, however, 27 investors will submit a resolution to this effect in view of the general meeting of the oil group. This resolution from the group of activist shareholders requires consideration of carbon emissions linked to the use of products sold by Shell.
Published on: 01/17/2024 – 12:52
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Can this strategy have an impact? These shareholders represent less than 3.5% of the capital, but with a total of 3,900 billion euros of shares and with, in their ranks, the European asset management giant Amundi, their weight is not no longer insignificant.
« Consistent »
And this type of initiative is important, underlines Anna Creti, professor of Economics at Paris-Dauphine: “ In the governance of “Oil and gas” companies [pétrogazières, NDLR], there is still this question of commitments for the transition. If these companies want to continue to have the financial means to ensure their future, they must be consistent. Finance needs, vice versa, to show that it is financing the transition. »
Capacity for reconversion
This is not the first attempt by the group of shareholders; it already proposed a climate resolution last year, without effect. Shortly after, Shell even reversed its oil production reduction targets. Thierry Bros, professor at Sciences Po, also questions the investors’ strategy, not the best in his eyes to promote the energy transition: “ The most coherent solution would be to invest in Shell, take out all the dividends they have and reinvest, not in Shell, but in a company that makes renewable electricity. »
This raises the question of the capacity of oil and gas companies to reconvert.
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