Archived press release

Shell agm: FOE urges huge increase in green energy investment

8 May 1998

FOE has welcomed Shell's recent support for legally-binding targets for cutting greenhouse gas emissions and its decision to withdraw from the Global Climate Coalition,the industry lobby group opposing action on climate change. Shell has also bowed to pressure for independent scrutiny of its environmental and social performance. However,Shell's new programme for investment in renewables - around £300 million over five years - still represents only 1% of its total annual investment.

Anna Stanford of Friends of the Earth said:

“Shell must be congratulated for responding to public concern over its environmental record by terminating its membership of the Global Climate Coalition, and publicly supporting action to cut greenhouse gas emissions. However, its much-publicised renewable energy programme is a drop in the ocean, compared with its overall investment. If this is to be more than just a cosmetic exercise and if Shell is serious about moving ahead of the pack to become a sustainable energy company, it should be embarking on an ambitious programme of investment in offshore wind, biomass, wave power and solar. It certainly shouldn't be promoting tree-planting as an alternative to cutting emissions.”

NOTES TO EDITORS:

[1] The AGM of Shell Transport and Trading Company is taking place at The Queen Elizabeth II Conference Centre, Broad Sanctuary, Westminster, London SW1 on Friday 8 May at 10:30am

[2] FOE has learned that Shell is planning to launch a 'cleaner' fuel for motorists and is considering linking it with tree-planting, promoted as a measure to slow down climate change. FOE considers the use of forests to absorb greenhouse gas emissions as an unreliable measure to combat climate change. The amount of carbon dioxide absorbed and the rate at which this happens is unproven and could be affected by poor forest management and adverse climate conditions. The most effective way to slow down global warming is to cut emissions of carbon dioxide from power generation and transport - using forests as sinks merely allows governments and industry to continue business as usual.

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Published by Friends of the Earth Trust