Oil Companies That Advocate A Gradual Energy Transition are Losing All Credibility
Oil companies that advocate a gradual energy transition are losing all credibility. That is what activist shareholder Follow This, a well-known critic of oil and gas group Shell and the oil industry in a broader sense, concludes from the new climate report of UN Climate Panel IPCC.
“Shell, which advocates a gradual transition and does not want to reduce its emissions in this decade drastically, cannot continue to claim to have a strategy that is in line with the Paris Climate Agreement,” emphasizes Mark van Baal of Follow This is the first response.
Follow This is best known in the Netherlands for its own climate proposal that has been put to the vote at Shell’s shareholders’ meetings for years. Those attempts have been rejected by a majority of shareholders, although the number of votes in favour has grown. This year Shell also came up with its own climate plans. They did get approval from enough shareholders. But Follow This does not find the path chosen by Shell sufficient.
“We hope that CEOs who want to be part of the solution read this report and finally draw the only logical conclusion: their emissions must immediately be drastically reduced,” says Van Baal about the new climate report. Talking about “net zero emissions” by 2050 is pointless, he says, without immediate action.
“There is no more time for the gradual transition that oil companies want. If they had wanted a gradual transition, they should have opted for it in the late 1980s, when the IPCC was established. Instead, they chose to fund climate denial.”
Shell has not yet responded to the new climate report.