(Photo by Carl Court/Getty Images) Carl Court/Getty Imagesīig Oil faces scrutiny after huge jump in profits The British multinational oil and gas company reported profits of $39.9 billion (£32.2 billion) in 2022, double the prior year's total. LONDON, ENGLAND - FEBRUARY 02: A Shell petrol station is pictured on Februin London, England. These interests are not being served by the short term approach that the company appears to be taking,” she added.Ībout a fifth of shareholders at the meeting voted in favor of a resolution to force Shell to set more ambitious reduction targets for its “scope 3 emissions,” those that arise from the burning of the company’s products, such as gasoline, jet fuel and natural gas. “As a long term institutional investor our duty is to our pension fund members and their long term interests as well as the world they will retire into.
“Despite Shell posting record profits in 2022… its capital expenditure into renewables and low carbon energy is far lower than would be expected by a company seeking to shape a future in the transition,” Laura Hillis, director of responsible investment at the pension fund said at the meeting. The Church of England Pensions Board said it was withdrawing its earlier support for Shell’s energy transition plan as it appeared the company was now taking “a different path.” It voted against the re-election of all of Shell’s directors. Shell profits double to record $40 billion Netherlands OUT (Photo by Koen van Weel / ANP / AFP) / Netherlands OUT (Photo by KOEN VAN WEEL/ANP/AFP via Getty Images) Koen Van Weel/ANP/AFP/Getty Images Shell on reported a record first-quarter profit, boosted by soaring oil prices in the wake of the war in Ukraine, which is expected to generate fresh calls for a one-off tax on the oil giants. This aerial view shows the multinational oil and gas company Shell refinery in Rotterdam, on May 6, 2022. The ensuing flood of cash to oil companies and their shareholders has not delivered a commensurate boom in renewable energy investments, despite clear evidence that the world needs to move much faster with efforts to address the climate crisis. (BP) have shifted their focus back to fossil fuel production following a year of bumper profits helped by soaring oil and gas prices. Several shareholders also criticized the company for not doing more to deliver on its climate targets. It wasn’t just activists and protesters who demanded that Shell make quicker progress on its plans to cut carbon emissions. However, yet again protesters have shown that they are not interested in constructive engagement,” the spokesperson added in a statement shared with CNN. “We respect people’s right to express their point of view and welcome any constructive engagement on our strategy and the energy transition. The demonstrations delayed the meeting by more than an hour, according to a Shell spokesperson.
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Protesters sit in front of security personnel during the Fossil Free London demonstration outside the venue of Shell's annual shareholder meeting.
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