All rights reserved. Read on here to learn more about the importance of environmental law in fighting emissions. ClientEarth is encouraging other institutional investors to join its claim ahead of Shells annual meeting in May. THE HAGUE (AFP) - Climate marchers handed in a lawsuit to Shell's headquarters in the Netherlands on Friday (April 5) aimed at forcing the oil giant to meet targets in the Paris accord.. Read more . Shell has instead implemented its energy transition strategycommitting to cutting its carbon intensity of its scope 3 emissions by 20% by 2030 and 45% by 2035, compared with a 2016 baseline but not a reduction in absolute emissions or net carbon footprint emission intensity metric, which would require the oil company to drill less oil. 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 Vermonters for decades with marketing that conceals the contributions to climate change and its harmful effects of burning their fuels. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Because its headquarters are in The Hague, FoE was able to bring a case to a Dutch court. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Climate litigator Roger Cox, who led the Dutch case against Shell last year, said in the FT that the effort by a shareholder to hold board directors personally accountable was a kind of paradigm shift in how society views corporate responsibility for climate change. 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 . 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. Shell indicated it would appeal the ruling, which is immediately enforceable, according to De Brabandere. CO2, or carbon dioxide, is a greenhouse gas that is released when fuel is burned. New Jersey joins 5 states in lawsuit against Exxon Mobil, Shell, Chevron, BP and ConocoPhillips for 'misleading' public on Climate Change This litigation commenced in April 2019, when Milieudefensie and numerous other environmental NGOs brought proceedings against Shell in the Hague District Court, alleging Shell's causal contributions to climate change violate its duty of care under Dutch law and international human rights law. London (CNN Business) A Dutch court has ruled that Royal Dutch Shell must dramatically reduce its carbon emissions in a landmark climate decision that could have far reaching consequences for oil . They seek compensation for current and future costs of adapating to the consequences of climate change. 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 . If the lawsuit is successful, this would mean Shells 13 directors are in breach of the UK Companies Act, which legally requires leaders to practice reasonable care, skill, and diligence.. A coalition of environmental groups in the Netherlands said Tuesday that they will hand . Report this post. Our Standards: The Thomson Reuters Trust Principles. Shell is causing dangerous climate change and must stop its destructive behaviour now." ClientEarth has a strong record of winning climate-related cases, winning three High Court rulings in the U.K. already where the litigation is due to take place. Mark Carney on Shell ruling: What companies need to do anyway, This is what Chevron's CEO thinks about climate change, 'I can't withstand the heat': Americans behind on utility bills face extreme weather, Inflation is cooling but prices are still painfully high, EU countries agree to reduce gas consumption to prep for winter, IEA director says Europe needs to lower gas consumption to prepare for winter, Nord Stream 1 makes Europe more reliant on Russian gas. They ordered the target be increased to 25% . 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. 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 . 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 . The 75-acre Shell terminal on Allens Avenue in Providence has 25 petroleum storage tanks and sits in a flood zone. Snapshot: In 2017, three local governments in California filed a lawsuit against 37 fossil fueld companies, including BP, Chevron, ExxonMobil, and Shell. 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. 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. What Bloomberg Intelligence Says: Shell's loss of a key climate lawsuit in the Netherlands -- brought by environmental NGOs -- is likely to force the company to accelerate its energy-transition . 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. Disclaimer. Morningstar: Copyright2018Morningstar, Inc. All Rights Reserved. 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. An environmental shareholder group is starting legal proceedings against the 13 directors of oil giant Shell, saying they bear individual responsibility for not cutting greenhouse gas emissions fast enough. Vermont also asks the court to impose fines on the defendants. . All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC2018and/or its affiliates. A Dutch court has ordered Royal Dutch Shell to cut its emissions 45% by 2030 compared to 2019 levels, in a landmark ruling. All Rights Reserved. In response to ClientEarths decision to litigate against other members of the board, Shell said the company was delivering on its global strategy that supported the Paris Agreement. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. ClientEarth has said it is taking the action against Shell in the company's best interests. Thursday, March 17, 2022. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Shell has failed to prepare for the global net-zero goals needed to mitigate climate change, so ClientEarth is opening a lawsuit against the companys directors. 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. With the expense of mitigating the effects of climate change becoming more onerous, more than two dozen cities, counties and states are suing more than 40 fossil fuel companies, accusing them of . Shell - full name Royal Dutch Shell - is a British-Dutch multinational. 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 . A Dutch court ruled Wednesday that the company must reduce its greenhouse gas emissions . Complaint asks for disgorgement of profits, fines. While Shell maintains that its existing strategy is adequate, experts suggest that it will fall well short of the emissions cuts required. 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. Join the waitlist for updates and premium membership opportunities. Dutch oil and gas giant Shell will appear in court today for a lawsuit accusing the company of doing too little against climate change. An environmental shareholder group is starting legal proceedings against . Can sustainable soya farming come fast enough to save the Cerrado? "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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. A separate landmark environmental lawsuit against Shell concluded last May. Categories: International & Reinsurance News Topics: climate activists, Climate Change, climate change litigation, Exxon climate change, global warming, Paris agreement, Royal Dutch Shell, shell . On May 25, 2021, Dutch lawyers won a historic lawsuit against the multinational Shell. "#ExxonKnew" is a campaign orchestrated by activists and trial lawyers to misrepresent ExxonMobil's position and research on climate change. According to analyst research from Global Climate Insights from last year, Shell is far from its promised 45% reduction. 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. These challenges cannot be solved by litigation," Shell said. 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 . 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 . Under its current strategy, the analysts predict a 4% rise in net emissions by 2030. ClientEarth said it was bringing the action as a shareholder in Shell on behalf of all stakeholders to help protect the long-term viability of the company. REUTERS/Maxim Shemetov/File Photo. 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 . In civil court in The Netherlands, hearings began Tuesday in a case against energy company Shell that could have implications for future cases and the role of companies in meeting climate targets . Shell - full name Royal Dutch Shell - is a British-Dutch multinational. All quotes delayed a minimum of 15 minutes. "Shell is seriously exposed to the physical and transitional risks of climate change," said ClientEarth lawyer Paul Benson. The state of Vermont alleges that the companies have known for years, through their internal research, about "the central role of their fossil fuel products" on climate change, but obscured their connection to climate change in marketing materials in order to avoid losing Vermont consumers. 4d. August 1, 2022. by. The state of New Jersey announced a major lawsuit Tuesday against five oil and gas companies, as well as a petroleum trade association. In February, the UK Supreme Court ruled that thousands of Nigerians can sue Shell in English courts over environmental damage. In 2019, the total pay plus bonuses for CEO Ben van Beurden alone came to approximately $22.5 million. 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. 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 . Oil companies are facing mounting pressure from shareholders and activists to ditch fossil fuels and invest into cleaner energy sources. 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 added addressing a challenge as big as climate change requires action from all quarters. This ruling may also have major consequences for other big polluters," added Cox. The complaint also claims the . See here for a complete list of exchanges and delays. All rights reserved. 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. 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. A separate landmark environmental lawsuit against Shell concluded last May. 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. See here for a complete list of exchanges and delays, ClientEarth alleges breach of UK Companies Act, Has written to board ahead of filing court papers, Alleges climate transition plan not good enough. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Reporting by Simon Jessop. Shell is appealing the ruling. 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. 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. Vermont's lawsuit seeks the disgorgement of all profits the companies made as a result of any unlawful practice in the state. Shell's net-zero target was also not reflected in the company's operating plans or budgets, ClientEarth added. 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 . 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 . Oakland and San Francisco's city attorneys won an appeal to have a multi-year climate change lawsuit against several oil . "This case is unique because it is the first time a judge has ordered a large polluting corporation to comply with the Paris Climate Agreement. And if that doesnt worry Shell, its recent history should. 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. Credit: Mike Leary. 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. The industry leader for online information for tax, accounting and finance professionals. Exxon Mobil Corp., Shell Oil Co., Chevron Corp., BP Plc and ConocoPhillips are accused of "systematically concealing and denying their knowledge that fossil fuel consumption could have a . "This is a turning point in history," said Roger Cox, lawyer for Friends of the Earth Netherlands. "It is a groundbreaking decision, it's really a landmark.". Shell did not immediately respond to a request for comment. October 26, 2022, 2:32 p.m. EDT 3 Min Read. 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 . 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. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Shells shareholders need certainty that the company is using their capital effectively in its navigation of the global energy transition and is genuinely pursuing the climate goals that it says it is, says Benson. 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. Climate activists are preparing legal action aimed at forcing Royal Dutch Shell to exit the oil business. The Office of the Attorney General's (OAG) lawsuit alleges major players in the fossil fuel industry knew as early as the 1950s that emissions from burning oil and . 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. Donovan said in a statement: "Vermonters have a right to accurate information in order to make informed decisions about the products they purchase.". 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. Distressed credit to lure more hedge fund investors next year -BNP survey, Biden appeals to young voters in U.S. West as midterms near, Pelosi hammer attack suspect was in U.S. illegally, immigration officials say, Boies, Hausfeld among law firms reaping $667 mln windfall in Blue Cross antitrust case, Insights in Action: Differing perceptions of stand-out lawyers skill sets, Client Feedback: Trends in client feedback for 2022 and beyond, How employers can leverage signals of hope to retain LGBTQ+ professionals, Hivemapper starts issuing crypto tokens for vehicle dashcam footage, See here for a complete list of exchanges and delays, Vermont AG claims Exxon, Shell violating state consumer protection law, Complaint asks for disgorgement of profits, fines. In 2019, the Dutch Supreme Court ordered the government to cut its greenhouse gas emissions by 25% by the end of 2020 , compared to 1990 levels, as its minimum fair share to tackle climate change. "Shell is the first but will not be the last company that will be forced to stop dangerous climate change," Friends of the Earth Netherlands director Donald Pols told reporters on Wednesday. The court would most likely then force Shells board to update their climate and net-zero strategies moving forward. Because its headquarters are in The Hague, FoE was able to bring a case to a Dutch court. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. Factset: FactSet Research Systems Inc.2018. ExxonMobil, Shell, and other large oil companies are coming under fire for spiking profit margins, greenhouse gas emissions, and premarket stock trading. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. ClientEarth has emphasized that its lawsuit also reflects the best interests of the company, its employees, and its shareholders. If successful, Shell's board could be forced by the courts to change its strategy . The city filed the lawsuit Monday in Anne Arundel County Circuit Court. (ecoRI News) PROVIDENCE A landmark climate lawsuit against a fossil fuel behemoth has been given approval to proceed, albeit with a caveat. 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 . Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell My Personal Information| Ad Choices [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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Editing by Jane Merriman, In Spain's La Rioja, old vines could future-proof wine against climate change, UK's Lloyds Bank offers staff 2,000 pounds minimum pay rise, Canada to set up tax credits for clean tech, launch growth fund, Analysis: Race to ship clean Canadian hydrogen to Europe navigates choppy water, Where's the beef? New York-based correspondent covering environmental, climate and energy litigation. 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. Exxon spokesperson Casey Norton called the claims "baseless and without merit.". 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 .
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