RLAM slams Shell climate plan and pledges to abstain on vote

Holds £1.2bn of Shell

Royal London Asset Management (RLAM) is set to to abstain on oil and gas giant Shell’s climate transition plan at its AGM, citing uncertainty over the plan’s potential to align with the minimum global warming targets of the Paris Agreement.

RLAM stated that "it cannot support the plan as it currently stands," in part due to an overdependence on nature based offsets and divestments, as the company continues to include strategies for further oil and gas frontier exploration between now and 2025. RLAM also stated that its upcoming abstention vote at Shell's AGM reflects its own Net Zero engagement strategy, triggered by its commitment to the Net Zero Asset Managers Initiative (NZAMI). RLAM holds 0.7% in Shell, worth approximately £1.2bn. As a solution, RLAM stated it would prefer for Shell to stop all exploration imminently...