Shell rejects emissions target proposal

Royal Dutch Shell shareholders said on Tuesday that reject the proposal set by an environmental group, calling for the oil company to establish annual targets to reduce carbon emissions.

The proposal is part of a general pressure towards oil brands, such as Exxon Mobil or Chevron, to minimize their environmental footprint and help at the global issue of climate change.

Shell’s annual general meeting (AGM) in Hague, resulted in rejection of resolution 21, as 94 percent of the company’s shareholders voted against, while roughly 5 percent of voters abstained, according to Reuters.

According to a company’s statement, emissions reduction means necessarily production and sales reduction, leading to weakening of the company. However, global pressure concerning climate change has lead Shell to adopt some environmental friendly policy, with investments in renewable energy projects.

The “Follow This activist” group which proposed the resolution, said the group would target other oil companies such as BP, as soon as funding was available.