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Shell’s Empty Transition Promise

Chris Hall

In its new strategy, the company claims it will invest US$10-US$15 billion between 2023-2025 in low-carbon energy solutions, such as electric vehicle charging, biofuels, renewable power, and carbon capture and storage. Last year, it invested US$5.6 billion in low-carbon solutions – 23% of its total capital spending.

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AXA IM to Vote Against Companies Lobbying Against Climate Goals

ESG Today

Global asset manager AXA Investment Managers (AXA IM) announced today that it has updated its corporate governance & voting policy with more stringent ESG expectations for companies, including a pledge to target high emissions companies lobbying against the goals of the Paris Agreement.

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Shell U-turn Prompts Closer Investor Scrutiny

Chris Hall

trillion) in AUM co-filed a climate resolution at Shell, calling for the European oil and gas major to align its medium-term Scope 1 to 3 decarbonisation targets with the Paris Agreement. Earlier this month, 27 institutional investors with €4 trillion (US$4.6 Hold or fold? Nest also views climate change as a systemic risk.

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PGGM to Engage with Energy Customers 

Chris Hall

Move follows decision by Dutch pension fund PFZW to divest from nearly all of its fossil fuel holdings. PGGM has announced it would shift its engagement focus from the supply to the demand-side of the energy sector, following a decision from its largest client PFZW to divest from most of its fossil fuel holdings.

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Engagement with Consequences

Chris Hall

Over the past decade, many asset owners have made divestments out of fossil fuels. In fact, the total value of the institutions divesting is estimated to be US$40.5 trillion, according to data provided by the Global Fossil Fuel Divestment Commitments Database.

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Mining Linked to Human Rights Abuses

Chris Hall

Ninety-one of them were recorded in 2023 alone. “The world’s most vulnerable populations face the greatest risk from climate breakdown, but also the greatest risks from companies extracting transition minerals,” Caroline Avan, Head of Natural Resources and Just Transition at the BHRRC, told ESG Investor.

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All Systems go for Net Zero

Chris Hall

Now they must wait to see how signatories to the Paris Agreement act on the commitments outlined in the official response to the Global Stocktake, as well as multiple other pledges announced across the two weeks before that final text was signed, sealed and gavelled.