28 Years Later – Shell still trying to crush opposition

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Some will rightly argue that Shell never embraced sustainable development, it only ever pursued long-term profitability at the expense of people and planet. The days of Mark Moody Stuart at Shell are long gone. The new boss at the helm is Wael Sawan, who joined Shell two years after the murder of the Ogoni 9 and Brent Spar, just at the time that Shell began to spin its image towards being a caring company.

Under Sawan’s leadership, Shell keeps courting controversy. Month by month, the company doubles down on fossil fuels, and sheds its last remaining veneers of being a company that cares about people and planet.

He has reversed what pitiful progress that Shell had made to address the scale of its CO2 emissions, angering climate campaigners and scientists. In June, the Guardian reported that Sawan “has rowed back on the oil giant’s climate commitments.” The paper added that since taking over, Sawan has emphasised financial returns for investors. He told financiers at the New York stock exchange that he wanted to “reward our shareholders today and far into the future.”

Greenpeace sign reads CHOOSE OCEANS, NOT OIL

In September, Reuters reported that Sawan “has come under pressure over his strategy from within the energy company after two employees issued a rare open letter urging him not to scale back investments in renewable energy.” The following month, in October, Sawan responded by cutting 200 jobs from the company’s low-carbon division to focus on high-earning oil profits.

And now, last week, the day before the Ogoni 9 anniversary, it was announced that Shell was suing Greenpeace for over $2.1million in damages. But that is just the start. The legal action also calls for an indefinite blocking against Greenpeace protests at all Shell infrastructure worldwide, otherwise, the claims could be as high as $8.6 million.

The lawsuit, which the Guardian notes is one of the “biggest ever legal threats against the group”, was served by Shell after Greenpeace campaigners occupied one of Shell’s moving oil platforms earlier this year.

Greenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London. (Photo: Handout/Chris J. Ratcliffe for Greenpeace via Getty Images)

Whenever Shell cuts a climate commitment or threatens its critics, it loses its social license to operate. Day by day, it looks like a corporate Dodo. It may not happen tomorrow or even in the next decade, but Shell’s days are numbered. A just, equitable future does not include the bully boys from Shell who still threaten their critics. In our collective future, they will become extinct.

Greenpeace is running a fundraising campaign and also a petition related to Shell.

https://priceofoil.org/2023/11/21/28-years-later-shell-still-trying-to-crush-opposition/

Continue Reading28 Years Later – Shell still trying to crush opposition

Institutional investors back Shell board lawsuit over climate risk

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Just Stop Oil protesting in London 6 December 2022.
Just Stop Oil protesting in London 6 December 2022.

https://www.reuters.com/business/sustainable-business/institutional-investors-back-shell-board-lawsuit-over-climate-risk-2023-02-09/

LONDON, Feb 9 (Reuters) – A group of European institutional investors is backing a novel London lawsuit against energy giant Shell’s (SHEL.L) board over alleged climate mismanagement in a case that could have far-reaching implications for how companies tackle emissions.

British pension funds 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 are among those to have written letters supporting the claim.

The investor group has around 450 billion pounds ($543 billion) in assets under management collectively, and owns about 12 million of Shell’s 7 billion shares.

London CIV said its Shell stake was a “primary hotspot of risk and exposure within our portfolio”.

“We hope the whole energy industry sits up and takes notice,” added Mark Fawcett, Nest’s chief investment officer.

https://www.reuters.com/business/sustainable-business/institutional-investors-back-shell-board-lawsuit-over-climate-risk-2023-02-09/

Continue ReadingInstitutional investors back Shell board lawsuit over climate risk