Proactive Investors - Shell (LON:SHEL) has faced another barrage of questions and protests at its AGM from climate change activists and lobby groups over its green policies.
Chairman Andrew MacKenzie was interrupted by protesters chanting the Dolly Patron sung Jolene with the words changed while a small group of protestors chanted outside of the meeting.
Mackenzie defended the group’s stance, saying the aim remains to be net zero by 2050 even though new chief executive Wael Sawan has retreated on its green targets and refocused on oil and gas production and shareholder payouts.
Notably, a target to reduce oil production by 1%-2% each year for the rest of the decade has been dropped.
“The speed and shape of change can be huge and people often overestimate this in the short term but underestimate what can change in the long term.
“While it might be tempting to stop using oil and gas before the world is ready, we must not do so at the expense of the energy needs and aspirations of the global populations,” Mackenzie said.
Two resolutions have been filed at the meeting including one backed by 27 institutional shareholders for Shell to align its Scope 3 emissions with the Paris Climate Agreement goals.
Last year, 20% voted against the board on similar climate change proposals.
Shares in Shell were flat at 2,798p.