LONDON, March 15 (Reuters) - Environmental lawyers ClientEarth said on Tuesday they were preparing legal action against the directors of Shell (SHEL.L) over the company's climate transition plan . ClientEarth, an environmental law organization, has filed a shareholder derivative lawsuit in the United Kingdom against Shell's board of directors for an alleged failure . ClientEarth is encouraging other institutional investors to join its claim ahead of Shells annual meeting in May. The city filed the lawsuit Monday in Anne Arundel County Circuit Court. The energy supply challenges we are seeing underscore the need for effective, government-led policies to address critical needs such as energy security while decarbonising our energy system., It succinctly added, These challenges cannot be solved by litigation.. A little more than a year ago, Rhode Island sued 21 fossil fuel companies - including Chevron, ExxonMobile, BP and Shell - in Providence Superior Court, claiming the companies should be liable for . read more, U.N. climate scientists have reiterated the need for faster global action and said failure to hit the Paris Agreement goal of limiting warming to well below 2 degrees Celsius above pre-industrial norms would cause irreparable damage. The group says . There are at least 20 pending lawsuits filed by cities and states across the U.S., alleging major players in the fossil fuel industry misled the public on climate . Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. It comes just a week after the influential International Energy Agency told oil companies they need to, The Anglo-Dutch company announced plans in. All rights reserved. Honolulu city officials, lashing out at the fossil fuel industry in a climate change lawsuit filed Monday, accused oil producers of concealing the dangers that greenhouse gas . They seek compensation for current and future costs of adapating to the consequences of climate change. (ecoRI News) PROVIDENCE A landmark climate lawsuit against a fossil fuel behemoth has been given approval to proceed, albeit with a caveat. Shell's board is about to get hit with a 'paradigm shift' lawsuit over its failure to live up to the Paris accords. Can sustainable soya farming come fast enough to save the Cerrado? The company is now facing growing internal and external pressure to do more in the face of worsening climate change. Environmental lawyers ClientEarth say they are preparing legal action against the directors of Shell (NYSE: SHEL) over the company's climate transition plan, according to Reuters. Categories: International & Reinsurance News Topics: climate activists, Climate Change, climate change litigation, Exxon climate change, global warming, Paris agreement, Royal Dutch Shell, shell . The Supreme Court dealt a setback to major oil companies on Monday, declining to review their petition to send Oakland and San Francisco's lawsuit to hold them accountable for the climate crisis . ClientEarth said it had written to Shell notifying it of its claim and was waiting for it to respond before filing papers at the High Court of England and Wales. "As of today climate lawsuits are a material risk for all major polluters in the world," he added. The suit was filed in the Superior Court in . Shell's net-zero target was also not reflected in the company's operating plans or budgets, ClientEarth added. [1/4]A view shows a board with the logo of Shell at the company's fuel station near a business centre in Moscow, Russia March 9, 2022. With energy firms around the world facing growing pressure over climate change, Shell set new targets in February to reduce its net carbon footprint compared to a 2016 baseline by 20 percent by . The court ruled Shell is partially responsible for climate change and ordered it to reduce carbon emissions 45% by 2030, a first-of-its-kind ruling that adds pressure on oil companies already . "Urgent action is needed on climate change which is why we have accelerated our efforts . The lawsuit describes a more recent "greenwashing" campaign by defendants to portray themselves and their products as benefiting the environment and helping to solve climate change, when in . . In a first-of-its-kind case, the environmental law charity will argue that the boards inadequate preparation for net-zero will ultimately harm Shells future and the prosperity of its investors. A coalition of environmental groups in the Netherlands said Tuesday that they will hand . In Short. FORTUNE may receive compensation for some links to products and services on this website. How food firms are innovating to cut methane emissions, Brands failed to meet promises to protect forests. Private Equity Oil & Gas, Commercial Real Estate. The announcement follows Shells notable 2021 general meeting, which saw up to 30 percent of shareholders vote against the board members and in favor of a resolution to introduce Paris Agreement-aligned targets for emissions reduction. The court found that Shell's carbon emissions pose a "very serious threat" to Dutch residents, and that the company has an "individual responsibility" to reduce emissions. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. We want to grow demand for these products and scale up our new energy businesses even more quickly. Thursday, March 17, 2022. A Connecticut federal judge on Friday largely kept intact an environmental group's lawsuit accusing Shell Oil Co. units of failing to factor in the risks of climate change at a New Haven . A court in the Hague has ordered Royal Dutch Shell to cut its global carbon emissions by 45% by the end of 2030 compared with 2019 levels, in a . This would be a new legal approach in battling climate change, the first lawsuit to directly challenge the business model and growth strategy of an oil company. ClientEarth says Shells commitments are not consistent with the Paris Agreement to stop the rise in temperature above 1.5C above pre-industrial levels and argue that if the company does not act, Shells directors are in breach of their obligations under the U.K. Companies Act to act in a way that promotes the companys success. "#ExxonKnew" is a campaign orchestrated by activists and trial lawyers to misrepresent ExxonMobil's position and research on climate change. 2022 Fortune Media IP Limited. Oil companies are facing mounting pressure from shareholders and activists to ditch fossil fuels and invest into cleaner energy sources. On May 25, 2021, Dutch lawyers won a historic lawsuit against the multinational Shell. This ruling may also have major consequences for other big polluters," added Cox. "The longer the board delays, the more likely it is that the . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. While Shell maintains that its existing strategy is adequate, experts suggest that it will fall well short of the emissions cuts required. Shell, for its part, issued a similar statement to one previously released in the run-up to the verdict. According to 17 thousand individuals, environmental organization Milieudefensie, and six other social organizations, Shell should do much more to reduce emissions caused by burning oil and gas, decreasing its emissions by 45 percent in 2030 compared to 1990 . Seven environmental and human rights organizations in the Netherlands were prepared to sue Royal Dutch Shell if the oil giant - 2EMRT8P from Alamy's library of millions of high . Shell has pledged to halve the emissions from its operations by 2030, but its net-zero target to reduce those from the use of its products - the bulk of emissions from an oil and gas company, was not far-reaching enough, ClientEarth said. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Offers may be subject to change without notice. A Dutch court has ordered Royal Dutch Shell to cut its emissions 45% by 2030 compared to 2019 levels, in a landmark ruling. 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ClientEarth has emphasized that its lawsuit also reflects the best interests of the company, its employees, and its shareholders. In May 2021, Shell lost in a landmark ruling in the Dutch Hague court brought by Friends of the Earth and over 17,000 co-plaintiffs, where the company was accused of being partly responsible for climate change and was ordered to reduce its emissions by 45% by 2030 compared with 2019 levels. In failing to properly prepare the company for the net-zero transition, Shells Board is increasing the companys vulnerability to climate risk, putting the long-term value of the company in jeopardy.. The court would most likely then force Shells board to update their climate and net-zero strategies moving forward. Powered and implemented by Interactive Data Managed Solutions. A trove of internal documents and reports of the oil giant Royal Dutch Shell shows that oil giant has known for three decades that fossil fuel products would lead to catastrophic climate change . Credit: Mike Leary. Join the waitlist for updates and premium membership opportunities. The industry leader for online information for tax, accounting and finance professionals. A separate landmark environmental lawsuit against Shell concluded last May. In the "People versus Shell," a Dutch court ruled that the company is liable for its enormous contributions towards climate change and must significantly reduce its CO2 emissions. ClientEarth calls for all supportive shareholders to join its internal litigation and force the Shell board members to recognize and address their lack of action so far. ClientEarth said it was pursuing Shell's directors for an alleged breach of the UK Companies Act, which requires them to act in a way that promotes the companys success, and to do so whilst exercising reasonable care, skill and diligence. TotalEnergies SE is a French multinational integrated energy and petroleum company founded in 1924 and one of the seven supermajor oil companies.Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and international crude oil and product trading. Instead, Shell is currently on track for a 4.4 percent overall increase in emissions by the year 2030. The case is State of Vermont v. Exxon Mobil Corp, Vermont Superior Court, Chittenden Civil Division, No. The ClientEarth lawyers said they are seeking to hold the directors personally liable for what they consider to be a failure to adequately prepare for the global shift to a low-carbon economy, claiming an alleged breach of the directors' duties under the UK Companies Act. This is the third recent case Shell has lost involving the environment. In May 2021, a Dutch court ordered the oil giant to reduce its global carbon emissions by 45% by the end of 2030, compared with 2019 . In a ruling designed to have far-reaching effects on the world's largest oil companies, a Dutch court has held Royal Dutch Shell liable for its contributions to climate change, finding the . "Legal proceedings like this waste millions of dollars of taxpayer money and do nothing to advance meaningful actions that reduce the risks of climate change," Norton added. Shell is causing dangerous climate change and must stop its destructive behaviour now." Shell is appealing the ruling. They allege defendants were aware of the impact of their greenhouse gas emissions on climate change and failed to act. Backed by 17,000 Dutch citizens, climate activists are wrestling fossil fuel giant Royal Dutch Shell in court over its responsibility to cut emissions to levels that comply with global treaties . ClientEarth, an environmental law charity that has held shares in Shell since 2016, wants to hold Shells board members legally and personally accountable for failing to adopt to a strategy that truly aligns with the 2015 Paris climate agreement. REUTERS/Maxim Shemetov/File Photo. The lawsuit claims the failure puts the directors in breach of their duties under the UK's Companies Act. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. He added that if the company is promising to abide to the Paris agreement when it actually isnt, then there is a risk of misleading investors and the market at large.. Shell Netherlands CEO Marjan van Loon addressed the protesters outside the building, saying that fighting climate change was a "team sport" , the company said in a Twitter post with a photo. According to analyst research from Global Climate Insights from last year, Shell is far from its promised 45% reduction. AMSTERDAM - Environmental activists took Royal Dutch Shell to court on Tuesday, demanding the energy firm drastically reduce the production of oil and gas to limit its effects on climate change . Shell Netherlands CEO Marjan van Loon addressed the protesters outside the building, saying that fighting climate change was a "team sport" , the company said in a Twitter post with a photo. Campaigners say the outcome sets a . The court said the company would have "total freedom" to comply with its order and to shape corporate policy. CO2, or carbon dioxide, is a greenhouse gas that is released when fuel is burned. These challenges cannot be solved by litigation," Shell said. Citing Exxon's website, the complaint says, for example, the Irving, Texas-based company claims its Synergy-branded fuel will help "'reduce CO2 emissions,'" but it fails to mention that the fuel remains a significant contributor to climate change. 4d. It added addressing a challenge as big as climate change requires action from all quarters. "I can imagine this will inspire a series of other cases against companies, especially those active in the oil extraction industries like Shell," said Eric De Brabandere, a professor of international dispute settlement at Leiden University in the Netherlands. The most pivotal climate lawsuit in the past decade, the landmark Urgenda case in the Netherlands, centred on human rights. The Ruling: On May 26, 2021, the Hague District Court ("Court") issued a ruling ordering Royal Dutch Shell Plc ("RDS"), the parent company of the Shell group with its registered office in the Netherlands, to ensure that the aggregate annual volume of all CO2 emissions of the Shell group, its suppliers, and customers is reduced by at least net 45% by the end of 2030, relative to 2019 . See here for a complete list of exchanges and delays. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Shell would also have to outline specific, transparent steps to align company operations with the 2015 Paris Climate Agreements goal of 1.5 degrees Celsius warming. read more. Exxon spokesperson Casey Norton called the claims "baseless and without merit.". The lawsuit in Vermont Superior Court, Chittenden Civil Division, is the latest of about two dozen similar ones by states and local governments, from Rhode Island to Honolulu, that are seeking monetary relief over claims oil majors harmed them as they downplayed or misrepresented how the fuels they sold exacerbated the environmental risks tied to climate change. The longer the board delays, the more likely it is that the company will have to execute an abrupt handbrake turn to retain commercial competitiveness and meet the challenges of inevitable regulatory developments, said Benson. The case was heard by the district court in the Hague, where Shell is headquartered. In February, the UK Supreme Court ruled that thousands of Nigerians can sue Shell in English courts over environmental damage. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. It makes claims Exxon, Shell and a handful of fuel distributors violated Vermont's Consumer Protection Act with their advertising and statements at gas stations, on their websites and on social media. Donovan said in a statement: "Vermonters have a right to accurate information in order to make informed decisions about the products they purchase.". Oil giant Shell has been taken to court in the Netherlands by activists alleging the company has knowingly undermined global climate targets and violated human rights. The judges decided the government's plan to cut emissions by 14-17% compared with 1990 levels by 2020 were unlawful given the threat of climate change. A Dutch court ruled Wednesday that Royal Dutch Shell, Europe's largest oil company, must accelerate its efforts to reduce carbon dioxide emissions to tackle climate change. Under its current strategy, the analysts predict a 4% rise in net emissions by 2030. "Addressing a challenge as big as climate change requires action from all quarters. If successful, Shell's board could be forced by the courts to change its strategy . New Jersey officials announced a lawsuit on Tuesday against Exxon Mobil Corp., Shell Oil Co., Chevron Corp., BP, ConocoPhillips, and the American Petroleum Institute trade group, alleging the companies misinformed the public about the link between fossil fuels and climate change, CBS News reports. The impact of the decision will be amplified because the court relied on global human rights standards and international instruments on climate change in arriving at its decision, according to legal experts. Shell - full name Royal Dutch Shell - is a British-Dutch multinational. Shell's current climate strategy states that the company is aiming to become a net-zero emissions business by 2050, with the company setting a target of cutting its CO2 emissions by 45% by 2035. Individuals are expected to be a growing target of legal action on climate change, with activists, investors, and regulators looking carefully at how companies and their boards disclose and respond to climate risks. WASHINGTON, D.C. Attorney General Karl A. Racine today sued Exxon Mobil, BP, Chevron, and Shell for systematically and intentionally misleading District consumers about the role their products play in causing climate change. All Rights Reserved. With the lawsuit, New Jersey has joined more than two dozen other U.S. cities, counties and states trying to claim compensation from big oil and gas companies for their alleged roles in climate . Dutch oil and gas giant Shell will appear in court today for a lawsuit accusing the company of doing too little against climate change. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. In the People versus Shell, a Dutch court ruled that the company is liable for its enormous contributions towards climate change and must significantly reduce its CO2 emissions. The company must slash its CO2 emissions by 45% by 2030 from 2019 levels, according to a, This is the first time that a court has ruled a company needs to, The verdict could pave the way for similar cases to be brought in other countries, forcing oil companies to reduce fossil fuel production. New Jersey joins 5 states in lawsuit against Exxon Mobil, Shell, Chevron, BP and ConocoPhillips for 'misleading' public on Climate Change All times are ET. The lawsuit filed in Manhattan Supreme Court accuses Exxon, BP, Shell and the American Petroleum Institute, an industry trade group, of breaking city consumer protection laws through false . In a recent Blog Post on May 28, 2021, we discussed a landmark court ruling issued by the Hague District Court in May 2021, [1] requiring Royal Dutch Shell (Shell) to reduce the CO emissions of the Shell group by net 45% in 2030, compared to 2019 levels. A United Nations climate panel said last month in a landmark report that the world is already certain to face further climate disruptions for decades. N/A. For the past several years, activist organizations have sought to punish ExxonMobil for voicing its opinion on climate policy, even though the company . Their claim says the board has failed to properly account for the risks climate change poses to the . Sign up for updates and membership opportunities. Vermont also asks the court to impose fines on the defendants. In 2019, the total pay plus bonuses for CEO Ben van Beurden alone came to approximately $22.5 million. Most stock quote data provided by BATS. Shell gave Bloomberg a statement saying, "We do not believe the courtroom is the right venue to address climate change, but that smart policy from government, supported by action from all . They ordered the target be increased to 25% . New Jersey has filed a lawsuit against five major oil and gas companies, alleging they knew for decades that the use of fossil fuels could wreak havoc on the climate. Our Standards: The Thomson Reuters Trust Principles. Complaint asks for disgorgement of profits, fines. "Shell is seriously exposed to the physical and transitional risks of climate change," said ClientEarth lawyer Paul Benson. ClientEarth has been a Shell shareholder for the purposes of gaining investor information and voting rights in the company. Over the past two years, attorneys general from Connecticut, Massachusetts, Minnesota, the District of Columbia and Delaware have sued in state courts members of the fossil fuel industry, accusing them of violating state laws by deceiving consumers about harms caused by their products. ExxonMobil, Shell, and other large oil companies are coming under fire for spiking profit margins, greenhouse gas emissions, and premarket stock trading. The energy supply challenges we are seeing underscore the need for effective, government-led policies to address critical needs such as energy security while decarbonising our energy system. Brandon Laxton's Post. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Anne Arundel County Executive Steuart Pittman speaks before a hearing on climate change in 2020. Vermont Attorney General T.J. Donovan sued Exxon Mobil Corp and the Shell Oil Co in Vermont state court on Tuesday, alleging the companies misled . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. (The companys net-zero target is 2050, compared to others goal of 2030 ahead of the 2050 cutoff for carbon neutrality.)

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