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4 December 2018

Shell announces new climate change policy following collaboration with leading investors

Back in May, USS was one of 60 global investors representing more than $10 trillion in assets, who signed an open letter calling on the oil and gas industry to improve transparency on their plans to tackle climate change. USS also participates in the Carbon Action 100+, a global collaboration between investors engaging with the world’s largest carbon emitters to encourage them to address climate change.

After concerted discussion between Royal Dutch Shell and a number of large investors including USS, the company today announced a sector-leading plan to guide its transition to a low carbon future by reducing its total carbon footprint and linking progress on this to executive remuneration.

In 2017, Shell was the first international oil and gas company to set an ambition to reduce its total net carbon footprint, including that of its products, by 20% by 2035, and 50% by 2050.

Today’s announcement commits the company to setting specific targets every three or five years, commencing in 2020. Shell has also undertaken to publish its progress, integrating this into its Annual Report.

Please find the text of the joint statement from the company and investors here.

USS is delighted to have played a role in what is a sector-leading development by Shell and we look forward to hearing from other oil and gas companies as to how they intend contribute to the requirements articulated under the Paris Agreement.