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Consolidation Is Inevitable For Canada’s Oil Industry

Consolidation Is Inevitable For Canada’s Oil Industry

Canada’s economically dependent oil industry…

Shell To Appeal Landmark Court Ruling

Shell has today confirmed that it will appeal against a landmark court ruling requiring the oil giant to cut emissions faster than it had planned to.

The Anglo-Dutch firm said that it had been unfairly singled out by the ruling, which it said was not an “effective” way of tackling climate change.

In May, a court in the Hague ordered the firm to slash greenhouse emissions by 45 percent from 2019 levels by 2030.

At the time, the FTSE 100 company said that it disputed the judgment.

In a statement today, Shell confirmed it would appeal, and defended its emissions reductions plans, which are among the most stringent yet agreed by a major oil firm.

Under its current plan, Shell will cut the carbon intensity of its products by at least 6 percent by 2023, by 20 percent by 2030, by 45 percent by 2035, and by 100 percent by 2050 from 2016 levels.

“We agree urgent action is needed and we will accelerate our transition to net zero,” said chief executive, Ben van Beurden.

“But we will appeal because a court judgment, against a single company, is not effective. What is needed is clear, ambitious policies that will drive fundamental change across the whole energy system.

“Climate change is a challenge that requires both urgent action and an approach that is global, collaborative and encourages coordination between all parties.”

The firm added that the court had not been able to take into account is “Powering Progress” emissions reduction plan, which was released in April.

It also said that it was the first oil company to allow its shareholders a vote on its climate change strategy, albeit a non-binding one, at its recent AGM. 89 percent of shareholders voted for the plan.

Milieudefensie, the Dutch wing of Friends of the Earth, which brought the original case, said appealing sent the “wrong signal”.

Director Donald Pols said: “Shell should act now, as the judge ordered. The longer the delay the more serious the climate consequences will be for us all.”

By CityAM

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