Citi US economist Veronica Clark and Smead Capital CEO Bill Smeed analyze the overall market and energy sector in The Claman Countdown.
British oil giant Shell on Tuesday overturned a landmark 2021 lawsuit brought by environmental groups, holding the company partly responsible for climate change and forcing it to aggressively reduce its carbon emissions. and won a major victory in court.
The Court of Appeal in The Hague, where Shell was headquartered until it moved to London in 2022, has passed a 2021 judgment ordering Shell to reduce its absolute carbon emissions by 45% compared to 2019 levels. Rejected. product.
Environmental groups have sued energy company Shell over CO2 emissions. A 2021 court ruling ordering the company to reduce its CO2 emissions by 45% by 2030 was overturned on appeal. (Hannes P. Albert/Photo Alliance via Getty Images/Getty Images)
“We are satisfied with the court’s decision and believe it is the right decision for the global energy transition, for the Netherlands and for our company,” Shell CEO Wael Sawan said in a statement after the ruling. said.
Friends of the Earth Netherlands, which filed a lawsuit in the Netherlands in 2019, said it would continue its fight against large-scale polluters, but did not say whether it would launch a further appeal to the Dutch Supreme Court. Ta.
Trump’s election victory will change America’s energy: Paul Dubber
“Today’s ruling is a setback for us, for the climate movement, and for millions of people around the world who are worried about their future. All our hopes rest in this moment. ” a group known as Milieu Defense wrote about X after the verdict.
After a Dutch judge ruled against an appeal by climate change groups that oil giant Shell was not doing enough to curb greening, climate activist Milieu Defensi director Donald・Porus spoke to the media as he left the Hague court. (Jeroen Jumeret/ANP/AFP via Getty Images/Getty Images)
“We are feeling the effects of climate change more acutely every day,” the group added. “Therefore, we will not stop until all polluters go green. We are confident that in the end victory will be ours.”
Green energy stocks fall after President Trump’s victory
Shell said it remains committed to achieving net-zero emissions from its operations by 2050 and is committed to halving emissions from its operations by 2030.
Ticker Security Last Change Change % SHEL SHELL PLC 65.57 -1.27 -1.90%
In an appeals court earlier this year, Shell said only states, not courts, can require companies to reduce emissions.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Court says Shell’s absolute order to reduce emissions from its products will have negative impacts around the world as it could lead to customers switching from using Shell’s gas to more polluting coal. I agreed with Shell that it is a possibility.
Reuters contributed to this report.
