Climate activists storm shareholder meeting

Climate protesters stormed Shell’s annual shareholder meeting in London, with security having to step in to protect board members.

Proceedings were delayed as the protesters, yelling “shut down Shell”, ran to the front of the room where executives were sitting on stage.

Some demonstrators had to be carried out of the building by security.

Shell said protesters were not “interested in constructive engagement” as crowds continued to gather outside.

In a statement, the energy giant said it was keen to underline it had a “clear target of net-zero emissions by 2050”.

However, campaign groups are looking to ramp up the pressure on Shell and other energy companies to bring forward those targets to absolute carbon emissions cuts by 2030 and focus more resources on renewables.

But targets proposed by the campaigners were rejected in a vote by shareholders at the meeting.

Groups gathering outside the investor event include Christian Climate Action, a branch of Extinction Rebellion; Catholic protest group Laudato Si’ Movement; and Quakers for Climate Justice.

Shell’s chief executive, Wael Sawan, defended the company against accusations that it was not switching from fossil fuels to renewable energy quickly enough.

Mr Sawan said the company had invested $4.3bn (£3.5bn) in 2022 in low-carbon energy, including biofuels, hydrogen, electric car charging and renewable power. He conceded that was only part of its total capital spending of $25bn – most of which was on oil and gas.

The protesters were allowed in the room because of their investment in the company. Known as activist shareholders, these groups buy shares in companies to put pressure on its management.

In February, Shell reported profits of $39.9bn for 2022, double the previous year’s total and the highest in its 115-year history.

While the jump in oil and gas prices following the start of the war in Ukraine led to big profits for energy companies, it also fuelled a rise in energy bills for households and businesses.

Proceedings, which were due to start at 10:00, did not get under way until well past 11:00 amid waves of disruption from these activists.

Shortly after the meeting began, a choir of protesters began a song to the tune of Hit The Road Jack, singing: “Go to hell Shell and don’t you come back no more.”

As protesters were later carried out by security, Shell’s chairman Sir Andrew Mackenzie could be heard saying: “We want to have a civilised debate.”

Sir Andrew’s position as chair is due to be voted on and many activist groups have said they will block his reappointment.

Investors will also vote on pay packages for 2022, including that of outgoing chief executive Ben van Beurden, who took home $12m (£9.7m), including a $9.3m bonus.

Reports /TrainViral/