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Robeco’s response to Shell’s plans to become a net-zero emissions energy business by 2050, or sooner

Shell has committed to take additional action on climate change. The company plans to become a net-zero emissions energy business by 2050 or sooner (covering scope one, two and three emissions). This is the outcome of engagement with investors as part of Climate Action 100+, led by Robeco and The Church of England Pensions Board.

The steps include:

  • An ambition to be net zero on all the emissions from the manufacture of all our products (scope one and two) by 2050 at the latest;
  • Accelerating Shell’s Net Carbon Footprint ambition to be in step with society’s aim to limit the average temperature rise to 1.5 degrees Celsius in line with the goals of the Paris Agreement on Climate Change. This means reducing the Net Carbon Footprint of the energy products Shell sells to its customers by around 65% by 2050 (increased from around 50%), and by around 30% by 2035 (increased from around 20%);
  • A pivot towards serving businesses and sectors that by 2050 are also net-zero emissions.

Peter Ferket, CIO/Head of Investments and member of the Executive Committee of Robeco: “These new ambitions build on the 2018 joint statement between Shell and Climate Action 100+. It proves that the strong and committed engagement of institutional investors with Shell can help accelerate the pace of change to deliver the goals of the Paris Agreement. It raises the bar and sets out an approach for others in the oil & gas sector to follow.”

Carola van Lamoen, head of Active Ownership at Robeco: “This shows once again that engaging with companies we invest in works, and that this a powerful mechanism, and key differentiator in bringing change to help combat major challenges such as climate change. We will continue to engage with companies, to improve the responsible behavior of companies we invest in, as this is in the long term interest of both the company, our clients and broader society.”

The full statement by Shell can be found here: https://www.shell.com/media/news-and-media-releases/2020/responsible-investment-annual-briefing-updates.html

Press Contact
Robeco
Corporate Communications
Office number: +31 (0) 10 224 2241
E-mail: cc@robeco.nl