Norway’s Wealth Fund Vote Against Shell Climate Target Motion

Norway’s $1 trillion wealth fund voted against a motion at Shell’s annual meeting urging the energy giant to set climate targets, despite a push the fund is making for more firms to do so.

Long-term investors with $10.4 trillion of assets under management, including banks BNP Paribas and HSBC, had called on Shell to set firm carbon emission targets in line with the 2015 Paris Agreement on climate change.

The motion was opposed by 95% of the company’s investors  May 22, including the Norwegian fund, whose spokesman said it believed companies were in a better position to set their own targets.