Royal Dutch Shell must cut emissions by 45% by 2030, a target more than twice that proposed by Shell.
The court case was filed by Friends of the Earth and Greenpeace on behalf of 17,200 Dutch citizens. The summons claimed that Shell’s business model is endangering human lives and the goals laid out by the Paris Agreement, a deal adopted by 195 countries, in 2015.
Shell has set it’s own goals, as outlined in their climate strategy (read here), to meet a 20% target by 2030, the 45% target by 2035 and be net-zero emissions by 2050. The court decision forces the company to meet the 45% reduction goal 5 years earlier, a landmark decision. To meet their existing targets, Shell plans to continue their investments into electric-vehicle charging, hydrogen fuel, and renewable and biofuels. Shell hopes they can accelerate demand for these options so they can meet their environmental objectives. No news how it would move to meet the new legislated target. Shell is expected to appeal the ruling.
After a short bump following the announcement, shares of Shell have continued their decline since Monday.