Don't Worry, Says Shell CEO: He'll Change Shell To A Clean Energy Company; You Can Trust Him

Chief Executive Officer Ben van Beurden has the same message for activists seeking to bind Royal Dutch Shell Plc to deep emissions cuts, and investors concerned about the merits of shifting away from oil and gas: Trust me.

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In a 40-minute call with reporters, Van Beurden made the case that Shell’s existing energy transition plan is more progressive than what Follow This is proposing. Binding the company to a target would make it hard to shift course in the event that government policy or other changes affect the profitability of different technologies, he said. “Do you want to follow a company that’s really internalized” the climate issue, he said. “Or do you want to have the more narrow and rigid views of an activist?”

The backers of the climate resolution weren’t satisfied with his assurances. "The rejection of this climate resolution shows the board does not want to commit to the Paris climate agreement," said Mark van Baal of Follow This.

While Shell has yet to convince activists, it also has to mollify mainstream investors that doubt the merits of being anything besides an oil and gas company. There are signs these concerns may already be affecting the share price of big oil companies, which haven’t rebounded as much as the rally in crude over the past six months.

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https://www.bloomberg.com/news/articles/2018-04-16/shell-ceo-tells-activists-and-investors-trust-me-to-cut-co2