⚖Norway SWF Votes Down Paris Climate Targets at Shell Shareholder Meeting
Norges Bank Investment Management (NBIM), which oversees Norway Government Pension Fund Global, voted down a proposal put forward by some investors at Royal Dutch Shell’s annual general meeting calling on the company to set emissions targets in line with the Paris climate accords of 2015.
The challenge was shot down by 94.5% of Shell shareholders at Tuesday’s proceedings.
Its defeat was followed by a statement from the oil giant calling the resolution “unnecessary” in light of the firm’s plans revealed in November to halve its carbon footprint by 2050.
Some investors believe Shell would be in a better position to set their own goals on addressing issues like climate change.
SWFI – Sovereign Wealth Fund Institute