Brunel co-files shareholder resolution with Shell on LNG strategy
Brunel, with other members of the LGPS and ACCR, has co-filed a shareholder resolution with Shell plc calling on the company to disclose how its Liquified Natural Gas (LNG) growth strategy is consistent with its climate targets.
The company’s plans for LNG, including new capex spend and bullish forecasts, raise questions around its approach to the energy transition and Paris alignment.
This filing, following direct engagement activity between Brunel and Shell, seeks additional clarity and transparency from the company on its LNG outlook. The research recently released by ACCR, which can be viewed on their website, highlights concerns around demand projections which are misaligned with all International Energy Agency (IEA) scenarios and potential exposure to value erosion.
Brunel is deeply concerned about the apparent disconnect between Shell’s LNG growth strategy and its stated climate targets and Paris-aligned pathway. We need to see further transparency to assess Shell’s alignment with climate goals, particularly in the context of recent removal of its interim 2035 climate target. We are committed to engaging with Shell to enhance the ambition, transparency, and credibility of its climate transition efforts.
Vaishnavi Ravishankar, Head of Stewardship