Citing climate differences, Shell walks away from U.S. refining lobby

Last month. Reuters wrote an article entitled “Citing climate differences, Shell walks away from US refining lobby.” Here are the lead paragraphs.

“Royal Dutch Shell Plc on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies.

The review is part of Shell’s drive to increase transparency and show investors it is in line with the 2015 Paris climate agreement’s goals to limit global warming by reducing carbon emissions to a net zero by the end of the century.

It is also the latest sign of how investor pressure on oil companies, particularly in Europe, is leading to changes in their behavior around climate. Last year, Shell caved in to investor pressure over climate change, setting out plans to introduce industry-leading carbon emissions targets linked to executive pay.”

Shell is not the first oil company to cave to investor pressure. Exxon Mobil and Occidental Petroleum (along with utility PP&L) have to inform shareholders of their progress to addressing climate change after shareholder votes required them to do so. Exxon also has two lawsuits it is dealing with accusing them of misleading investors on the financial impact of climate change.

Climate change is real and is impacting us now. The greater number of sunny days coastal flooding, increased number of droughts, increased and more severe forest fires and the added flooding due to slow moving storns are traceable to the impact of climate change, so says climate scientists. I encourage you to ask politicians what they propose to do about this existential threat to our future. If they do not respond or fail to offer any tangible ideas, do not vote for them. We must move forward as we have squandered much of our window to act.

 

6 thoughts on “Citing climate differences, Shell walks away from U.S. refining lobby

  1. Naturally, I am pleased by Shell’s decision, and pleased by the collective conscientiousness of the investors/shareholders. But, isn’t it a shame that it requires the investors to demand that the company do the right thing? And shame on all the other oil companies that are still in the dark ages. Good post — thanks!

    • Jill, Shell knew what the answer was, but needed a push. What troubles me is Shell produced an educational video about the concerns of global warming in 1991! They have known for some time about man’s influence ob climate chsnge. Keith

      • Jill, very true. Exxon’s scientists used to make speeches about concerns over climate change dating back 40 years. I have also seen both Mitch McConnell and John Boehner on video say climate change is real and man-influenced around the time Newt Gingrich did a TV commercial with Nancy Pelosi saying he had been wrong to say climate changw was a hoax. Those were about twelve years ago. Keith

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