Posted on 02/09/2023 11:16:05 AM PST by Impala64ssa
A group of institutional investors are suing energy and gas giant Shell for allegedly not properly preparing to shift away from fossil fuels, as reported by Reuters.
Client Earth, investors and activist group in Shell, are taking the board of directors to court over allegations that they are harming the company's future by not properly shifting toward green energy. The environmentalists say it is the company's duty to shift away from fossil fuels and pivot in order to fight the "climate crisis."
"Shell’s Board is legally required to manage risks to the company that could harm its future success, and the climate crisis presents the biggest risk of them all," Client Earth says in a statement regarding the lawsuit.
"Ensuring the company stays competitive in the energy markets of the future, as countries and customers worldwide choose cheaper, cleaner energy, means Shell needs to move away from fossil fuels towards an alternative business model," the group continues, adding that "we’re arguing that the plan Shell’s Board currently has for making that shift is simply unreasonable."
Shell just shared news of record profits a week before, taking in $40 billion due to price increases stemming from the Russian and Ukrainian war.
Shell rejected allegations made by the activist group, claiming its climate targets are on track and in compliance with the law and with shareholders.
"ClientEarth's attempt ... to overturn the board's policy as approved by our shareholders has no merit," a spokesperson said.
Shell plans to reduce its emissions by 20% by 2030, 45% by 2035, and 100% by 2050 from 2016 levels.
However, the plaintiffs claim is that Shell is failing to reduce emissions, which "threatens efforts to protect the planet, further increasing the risk to the company."
"The future consequences of Shell’s flawed climate plans could cause the company’s value to plummet, costing jobs and running the risk of shareholders and investors losing significant amounts of money, including people’s pension funds," the statement concludes.
A group of pension funds have written letters support of the claims against Shell, including "London CIV and Nest, Swedish pension fund AP3, French asset manager Sanso IS, Degroof Petercam Asset Management in Belgium and Denmark's Danske Bank Asset Management and Danica Pension and AP Pension."
The group owns a relatively small portion of Shell's company, making up about 12 million out of 7 billion shares.
Shell should have their lawyers respond with a letter telling the investors they first need to burn all the money they made from their stock to show they are serious about change.
The right needs to fight as hard and as dirty as the left. Sue companies for having a business model that increases prices that hurts the minorities and the children.
But we are too fat and lazy to fight.
This is a shakedown racket, not unlike that negro poverty pimp Al Sharpton runs.
Did Shell divest themselves of all of the ‘green’ power production they invested in during the latter 90s on?
They and other oil companies tried to get ahead of the game into newer technologies, wind and solar farms, and those largely flopped because none of that was ready.
You know they are probably leftist radicals who bought a few shares of stock each in order to sue and mess up the company. Heard this tactic from a Dem politician as his go to strategy. Ugh.
There is no such thing as “cleaner energy” it’s a myth
Such insanity
Has the EPA declared CO2 toxic?
The kooks aren’t satisfied that there are hundreds of “green” energy companies from small mom & pops to huge giants like GE, Siemens and Vesta doing the “green” work. No, they won’t be satisfied until they have put conventional fossil fuel companies completely out of business.
Or they are looking for an easy payday.
Some nuns did this to DuPont over napalm in the 1960’s. Pure theater.
I guess these “activists” do not know who is the majority shareholder is and who controls the BoD. Its the House of Saud. I represented a dealer a few years back who sued Shell for underhandedly running him out of the business. They settled with him for $600k.
Saudi Aramco, LLC is the Saud Royal family.
Royal Dutch Shell
I used to own their stock but the government always snatched some of my dividends so I dumped them
Now they’re at the mercy of the euroturds
I hope not. I wouldn’t put it past the Biden EPA to do so, however.
Activist investors receive memo from Shell: Our business our name here’s you finger sign.
How do you sue make believe?
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