Environmental law charity ClientEarth has sued Shell’s board of directors for failing to bring their climate strategy in line with the Paris Agreement.
The lawsuit is backed by institutional investors and pension funds, including UK’s largesst workplace pension scheme Nest, London CIV and Swedish national pension fund AP3.
“Investors want to see action in line with the risk climate change presents and will challenge those who aren’t doing enough to transition their business.”
– Mark Fawcett, Nest’s Chief Investment Officer
Shell claims its “Energy Transition Strategy” plan to halve emissions by 2030 and to be net zero by 2050 is consistent with the Paris Agreement’s 1.5C temperature goal.
However, ClientEarth claims this measure only accounts for less than 10% of its overall emissions and is asking the high court to order Shell to adopt a strategy to cut emissions by 45%.
