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They called for the company to align its medium-term Scope 1 to 3 decarbonisation targets with the ParisAgreement and take more ownership of its Scope 3 emissions. “Shell’s updated strategy has moved the company even further away from Paris Alignment,” says Van Baal. The ball is now in the investors’ court. “But
Research will span the introduction of the ParisAgreement in 2016 to the conclusion of the 2023 proxy season, with the aim of comparing the voting patterns of asset owners and managers.
Recently, large-scale solar generation has begun rapid expansion, growing from negligible levels before 2016 to 3% of all Australian electricity generation in 2020, representing a four-year growth rate of 1,268%. The fund has allocated A$1 billion in renewable and low-carbon technologies in its infrastructure and private equity portfolio.
The alliance says: “Companies need to work now to develop and implement credible transition plans aligned with the ParisAgreement.” For 2016-2020, the ratio improved to was 0.7:1 Rooke says these are “encouraging signs” and asserts that GFANZ’s focus is on engaging with carbon-intensive firms rather than divestment. “We
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