Oil supermajor Shell will put its Energy Transition Strategy to a non-binding shareholder vote at its annual general meeting next month, the first time an energy firm will be seeking an advisory approval of its plan to go to net zero.
Shell has pledged to become a net-zero energy company by 2050, and said earlier this year that its oil production peaked in 2019 and was set for a continual decline over the next three decades.
“As we transform our business, it is more important than ever for shareholders to understand and support our approach,” Shell’s chief executive officer Ben van Beurden said in the preface of the company’s Energy Transition Strategy.
“We are asking our shareholders to vote for an energy transition strategy that is designed to bring our energy products, our services, and our investments in line with the goal of the Paris Agreement and the global drive to combat climate change,” van Beurden added.
According to Shell’s strategy, the target for carbon intensity reduction is