Shell set a goal of cutting the carbon footprint of its energy products in half by 2050, with an interim goal of 20 percent by 2035. Shell has set these targets in partnership with Global Action 100+, representing $32 trillion in assets, and The Institutional Investors Group on Climate Change.
The company is now setting short-term targets in line with its objective to comply with the Paris Agreement. In a very notable move, the company will tie executive pay to its short-term “Net Carbon Footprint” goals.
Under pressure from these shareholders, Shell also withdrew from the climate-denying lobby group, the American Legislative Exchange Council, even though its competitors remained members. The company publicly served notice on several other industry lobby groups — including the Canadian Association of Petroleum Producers — that their climate policies were “misaligned.”