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American Focus > Blog > Environment > Oil and Gas Companies, Take Heed: Climate Has Not Left the Boardroom
Environment

Oil and Gas Companies, Take Heed: Climate Has Not Left the Boardroom

Last updated: May 28, 2025 11:50 am
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Oil and Gas Companies, Take Heed: Climate Has Not Left the Boardroom
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Investor Revolt Sends Strong Message to Shell

Recent shareholder meetings have shown a clear divide in the oil and gas industry’s approach to climate change. While ExxonMobil and Chevron have not faced any climate-related resolutions, Shell experienced a significant backlash from shareholders over its plans to expand liquefied natural gas (LNG) production.

Shell’s decision to increase LNG production is at odds with its climate commitments, including a target to achieve net-zero emissions by 2050. Despite downgrading its climate targets and relying on carbon intensity metrics, Shell faces scrutiny for its ambitious plans to grow its gas business by 2030.

Challenging Shell’s Climate Strategy

The resolution brought forth by UK pension funds and the Australasian Centre for Corporate Responsibility demanded transparency from Shell regarding its LNG expansion plans. Shareholders want to know how Shell will reconcile its net-zero emissions goal with a projected 60% increase in global gas demand by 2040.

Shell’s strategy relies heavily on accounting tricks to meet its climate targets, including divesting polluting assets and using questionable carbon credits. The discrepancy between Shell’s demand projections and industry forecasts raises concerns about the company’s financial risks and environmental impact.

The Truth Behind Energy Outlooks

Corporate energy outlooks, including those from ExxonMobil and BP, often paint a rosier picture of future fossil fuel demand compared to independent assessments. Companies like Shell tend to underestimate changes in consumer behavior and lobby against policies that could reduce demand for their products.

The lack of transparency in how companies arrive at their energy outlooks poses a significant risk to investors and the planet. Shell’s failure to align its business plans with global climate goals highlights the need for greater accountability in the oil and gas industry.

See also  Shares advance, oil prices settle sharply lower as markets shrug off Iran conflict

Urgent Calls for Action

Civil society groups and independent reports have called for an end to new oil and gas exploration to limit global warming to 1.5 degrees Celsius. Shell’s own scientists predicted the consequences of the company’s actions back in 1998, yet little has changed in terms of corporate responsibility.

As investors demand more transparency and accountability from companies like Shell, the urgency of addressing climate change becomes even more apparent. With record-breaking heatwaves and natural disasters on the rise, corporations can no longer ignore the risks posed by their operations.

Conclusion

While some oil and gas companies may try to evade shareholder scrutiny and regulatory oversight, the fundamental challenge of climate change remains unchanged. Shell’s recent shareholder revolt serves as a stark reminder that the business, financial, and environmental impacts of climate change are inextricably linked.

As the world grapples with the growing urgency of the climate crisis, companies like Shell must reassess their strategies and prioritize sustainability over short-term profits. The future of the planet—and the financial stability of the oil and gas industry—depends on it.

TAGGED:BoardroomClimatecompaniesgasHeedleftoil
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