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    RDSA   GB00B03MLX29

ROYAL DUTCH SHELL PLC

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Global Energy Leaders Under Increased Pressure To Reduce Emissions

06/05/2021 | 04:09am EDT

In a ruling from the Hague District Court on May 26, 2021, the Court has ordered Royal Dutch Shell ("Shell") to reduce its CO2 emissions by 45% of its 2019 levels by 2030.

Milieudefensie voor Veranderaars (the "Claimants") claimed that Shell has an obligation to contribute to the prevention of climate change through its corporate policy, stemming from an unwritten standard of care in the Dutch Civil Code. The standard of care comes from Shell's endorsement of human rights and of soft law such as the UN Global Compact and the OECD Guidelines for Multinational Enterprises. Uniquely, the Claimants did not seek any compensation, only for Shell to reduce its emissions.

This ruling comes after Shell announced plans earlier in 2021 to reduce carbon intensity by 20% by 2030 and 100% by 2050 relative to its 2016 levels - a plan widely considered to be one of the sector's most ambitious. The Court did not find this policy to be concrete or certain enough to satisfy Shell's obligations.

Although some are touting the Court's decision as a landmark decision with global impacts, the ruling is only binding in the Netherlands. Further, Shell will almost certainly appeal, leaving this decision vulnerable to being overturned.

Exxon Mobil Corp ("Exxon") and Chevron Corp. ("Chevron") also faced pressure from investors at their annual general meetings on May 27, 2021.

Two Exxon directors were ousted by shareholder Engine No. 1, a hedge fund that has been critical of Exxon's uptake of climate measures.

Chevron saw two thirds of its investors supporting a resolution to set targets to further reduce its greenhouse gas emissions.

Although these events indicate that the oil and gas industry is under increased pressure from stakeholders to move toward a more climate-conscious corporate strategy, the success rate of these initiatives is far from 100%.

Exxon shareholders rejected all of the investor-led environmental resolutions at its annual general meeting, and Chevron shareholders rejected two climate-related resolutions.

Nonetheless, stakeholders are putting the oil and gas industry on notice and some players in the sector, such as Suncor Energy Inc. ("Suncor"), are heeding that warning. Suncor has pledged to cut its greenhouse gas emissions by one third by 2030 and to be net zero on carbon emissions by 2050.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Carolyn Wilson
MLT Aikins LLP
30th Floor
360 Main Street
Winnipeg
MB R3C 4G1
CANADA
Tel: 204957 0050
Fax: 204957 0840
E-mail: marketingservices@mltaikins.com
URL: www.mltaikins.com

© Mondaq Ltd, 2021 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION 0.57% 101.18 Delayed Quote.19.81%
EXXON MOBIL CORPORATION 0.67% 58.22 Delayed Quote.40.30%
ROYAL DUTCH SHELL PLC 0.58% 16.712 Real-time Quote.14.36%
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Financials (USD)
Sales 2021 277 B - -
Net income 2021 17 482 M - -
Net Debt 2021 59 711 M - -
P/E ratio 2021 10,5x
Yield 2021 3,64%
Capitalization 152 B 151 B -
EV / Sales 2021 0,76x
EV / Sales 2022 0,65x
Nbr of Employees 87 000
Free-Float 99,8%
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Number of Analysts 11
Last Close Price 19,80 $
Average target price 24,68 $
Spread / Average Target 24,7%
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Bernardus Cornelis Adriana Margriet van Beurden Chief Executive Officer & Executive Director
Jessica Rodgers Uhl Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Gerrit Zalm Independent Non-Executive Director
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