Royal Dutch Shell Plc on Tuesday became the first major oil and gas company to a...
LONDON - Royal Dutch Shell Plc on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies, citing its support for the goals of the Paris climate agreement.
It is the latest sign of how investor pressure on oil companies, particularly in Europe, is leading to changes in their behavior around climate. Last year, Shell caved in to investor pressure over climate change, setting out plans to introduce industry-leading carbon emissions targets linked to executive pay.
The company has disagreed with AFPM on a number of issues for some time, according to two lobbying sources. Shell said it also disagreed with AFPM’s opposition to a price on carbon and action on low-carbon technologies. French oil major Total said in a statement to Reuters that consensus required by organizations such as AFPM does not always reflect its position, and that it regularly monitors the relevance of its participation.
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