Environment

Shell’s board of directors sued over climate strategy in a first-of-its-kind lawsuit

Published

3 years ago

February 9, 2023

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Shell recently reported its highest-ever annual profit of nearly $40 billion.

Paul Ellis | Afp | Getty Images

Shell‘s directors are being personally sued for allegedly failing to adequately manage the risks associated with the climate emergency in a first-of-its-kind lawsuit that could have widespread implications for how other companies plan to cut emissions.

Environmental law firm ClientEarth, in its capacity as a shareholder, filed the lawsuit against the British oil major’s board at the high court of England and Wales on Thursday.

It alleges 11 members of Shell’s board are mismanaging climate risk, breaching company law by failing to implement an energy transition strategy that aligns with the landmark 2015 Paris Agreement.

The claim, which has the backing of institutional investors with over 12 million shares in the company, is said to be the first case in the world seeking to hold a board of directors liable for failure to properly prepare for the energy transition.

“Shell may be making record profits now due to the turmoil of the global energy market, but the writing is on the wall for fossil fuels long term,” Paul Benson, senior lawyer at ClientEarth, said in a statement.

“The shift to a low-carbon economy is not just inevitable, it’s already happening. Yet the Board is persisting with a transition strategy that is fundamentally flawed, leaving the company seriously exposed to the risks that climate change poses to Shell’s future success — despite the Board’s legal duty to manage those risks,” Benson said.

We hope the whole energy industry sits up and take notice.

Mark Fawcett

Chief Investment Officer at Nest

The group of investors supporting the claim include U.K. pension funds Nest and London CIV, Swedish national pension fund AP3, French asset manager Sanso IS and Danske Bank Asset Management, among others. Altogether, the institutional investors hold more than half a trillion U.S. dollars in total assets under management.

“We do not accept ClientEarth’s allegations,” a Shell spokesperson said. “Our directors have complied with their legal duties and have, at all times, acted in the best interests of the company.”

“ClientEarth’s attempt, by means of a derivative claim, to overturn the board’s policy as approved by our shareholders has no merit. We will oppose their application to obtain the court’s permission to pursue this claim,” they added.

Shell, which is aiming to become a net-zero emissions business by 2050, said it believes its climate targets are Paris-aligned.

ClientEarth said leading third-party assessments have suggested this is not the case, however, noting Shell’s strategy excludes short to medium-term targets to cut the emissions from the products it sells, known as Scope 3 emissions, despite this accounting for over 90% of the firm’s overall emissions.

The aspirational goal of the Paris Agreement is to pursue efforts to limit global heating to 1.5 degrees Celsius above pre-industrial levels by slashing greenhouse gas emissions. The fight to keep global heating under 1.5 degrees Celsius is widely regarded as critically important because so-called tipping points become more likely beyond this level. These are thresholds at which small changes can lead to dramatic shifts in the Earth’s entire support system.

To be sure, the burning of fossil fuels, such as oil and gas, is the chief driver of the climate emergency.

Big Oil profit bonanza

The case comes shortly after Shell reported its highest-ever annual profit of nearly $40 billion.

The energy giant’s 2022 earnings smashed its previous annual profit record of $28.4 billion in 2008 and were more than double the firm’s full-year 2021 profit of $19.3 billion.

Shell CEO Wael Sawan described 2022 as a “huge year” for the company, saying he felt privileged to be stepping into the role he started on Jan. 1.

“As we look ahead, I think we have a unique opportunity to be able to succeed as the winner in the energy transition. We have a portfolio that I think is second to none,” Sawan said.

Shell’s results came as part of a Big Oil profit bonanza last year, bolstered by soaring fossil fuel prices and robust demand since Russia’s full-scale invasion of Ukraine.

Activists from Greenpeace set up a mock-petrol station price board displaying the Shell’s net profit for 2022 as they demonstrate outside the company’s headquarters in London on Feb. 2, 2023.

Daniel Leal | Afp | Getty Images

Nest Chief Investment Officer Mark Fawcett said the case against Shell’s board of directors showed investors were prepared to challenge those who aren’t deemed to be doing enough to transition their business.

“We hope the whole energy industry sits up and takes notice,” Fawcett said.

Separately, London CIV’s Head of Responsible Investment Jacqueline Amy Jackson said, “In our view, a Board of Directors of a high-emitting company has a fiduciary duty to manage climate risk, and in so doing, consider the impacts of its decisions on climate change, and to reduce its contribution to it.”

“We consider that ClientEarth’s claim is in our client funds’ interests as a shareholder of Shell, and we support it,” Jackson added.

Environment

What now for peak oil? Unpacking a surprise twist in the fossil fuel feud

Published

5 hours ago

November 13, 2025

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What now for peak oil? Unpacking a surprise twist in the fossil fuel feud

A worker inspects the outdoor gas pipes at the underground gas storage facility operated by Gas Storage CZ AS, in Haje, Czech Republic, on Friday, Jan. 3, 2025.

Bloomberg | Bloomberg | Getty Images

The International Energy Agency’s latest outlook signals that oil demand could keep growing through to the middle of the century, reflecting a sharp tonal shift from the world’s energy watchdog and raising further questions about the future of fossil fuels.

In its flagship World Energy Outlook, the Paris-based agency on Wednesday laid out a scenario in which demand for oil climbs to 113 million barrels per day by 2050, up 13% from 2024 levels.

The IEA had previously estimated a peak in global fossil fuel demand before the end of this decade and said that, in order to reach net-zero emissions by 2050, there should be no new investments in coal, oil and gas projects.

The concept of peak oil refers to the point at which global crude production reaches its highest point, before subsequently entering an irreversible decline.

The IEA’s end-of-decade peak oil forecast kick-started a long-running war of words with OPEC, an influential group of oil exporting countries, which accused the IEA of fearmongering and risking the destabilization of the global economy. U.S. Energy Secretary Chris Wright, meanwhile, labeled the IEA’s peak oil demand assumption as “nonsensical.”

The IEA’s latest forecast of increasing oil demand was outlined in its “Current Policies Scenario” — one of a number of scenarios outlined by the IEA. This one assumes no new policies or regulations beyond those already in place.

The CPS was dropped five years ago amid energy market turmoil during the coronavirus pandemic, and its reintroduction follows pressure from the Trump administration.

Earlier this month, the IEA said that now that the world has passed through the pandemic and global energy crisis, “there is merit in revisiting the CPS.”

The agency said increasing oil demand would be primarily driven by demand for petrochemical products and jet fuel, alongside a slowdown in the growth of electric vehicles.

Gregory Brew, an analyst at Eurasia Group’s Energy, Climate and Resources team, said the IEA’s retreat on peak oil demand signified “a major shift” from the group’s position over the last five years.

“The justifications offered for the shift include policy changes in the U.S., where slow EV penetration indicates robust oil [consumption], but is also tied to expected increases in petrochemical and aviation fuel in East and Southeast Asia,” Brew told CNBC by email.

“It’s unlikely the agency is adjusting based on political pressure — though there has been some of that, with the Trump administration criticizing the group’s supposed bias in favor of renewable energy — and the shift reflects a broader skepticism that oil demand is set to peak any time soon,” he added.

A misguided notion?

In an apparent thawing of tensions between two major players in the energy industry, OPEC welcomed what it described as the IEA’s “rendezvous with reality.”

In a statement published on its website, OPEC said: “We hope that the IEA’s World Energy Outlook represents a return to the fold of analysis grounded in energy realities and that we have passed the peak in the misguided notion of ‘peak oil.'”

Alongside its CPS, the IEA also laid out projections under its so-called “Stated Policies Scenario” (STEPS), which reflects the prevailing direction of travel for the global energy system.

In this assumption, the IEA said it expects oil demand to peak at 102 million barrels per day around 2030, before gradually declining. Global electric car sales are much stronger under this scenario compared to the CPS.

The IEA said its multiple scenarios explore a range of consequences from various policy choices and should not be considered forecasts.

Fatih Birol, executive director of the International Energy Agency (IEA), at the World Nuclear Exhibition (WNE) conference in Paris, France, on Tuesday, Nov. 4, 2025. The conference gathers key figures of the international nuclear sector from Nov. 4-6.

Bloomberg | Bloomberg | Getty Images

Grant Hauber, an energy analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), said the IEA’s CPS appears to be the U.S. administration “capitulation” scenario, which sees some sort of flattening of current energy market trends.

“This leads to what almost appears to be a false dawn of LNG demand that could provide encouragement to those investing in the U.S. LNG export boom. CPS ‘creates’ enough global LNG demand to justify build-outs through 2035,” Hauber said.

“However, one only need look at the STEPS scenario to see how fragile that outlook is. Demand-Supply matching evaporates quickly over that same timeframe leading to LNG surplus. This occurs even with STEPS’ more moderated additions of renewables, efficiency and electrification measures,” he added.

Climate crisis

In all of the IEA’s scenarios, the energy watchdog predicted that global temperatures will rise by more than 1.5 degrees Celsius.

Scientists have repeatedly warned that global average temperatures must not increase by more than 1.5 degrees Celsius to avoid the worst of the climate crisis.

This threshold is recognized as a crucial long-term target because tipping points become more likely beyond this level. Tipping points can lead to dramatic shifts or potentially irreversible changes to some of Earth’s largest systems.

Extreme temperatures are fueled by the climate crisis, the chief driver of which is the burning of fossil fuels.

Lars Nitter Havro, head of energy macro at Rystad Energy, said the IEA’s reintroduction of its CPS represents “a tonal shift,” but shouldn’t necessarily be seen as a “wholesale reversal” on peak oil.

Environment

ChargePoint just gave its EV charging software a major AI upgrade

Published

5 hours ago

November 13, 2025

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ChargePoint just gave its EV charging software a major AI upgrade

ChargePoint software — Image: ChargePoint

ChargePoint just rolled out a huge AI update to its EV charger software, and it’s a big deal for anyone managing EV chargers, whether it’s a handful of stations or a sprawling network.

The newly re-engineered ChargePoint Platform is designed to support any charging infrastructure, while simplifying the process of monitoring, controlling, and optimizing operations. It’s now being deployed by customers like Verizon, which says the system’s new AI tools have already made analyzing charging data faster and more intuitive.

“Features like the AI data assistant, enhanced search, and instant session details have made data analysis faster and more intuitive,” said Mitch Johnson, Verizon’s senior manager of global real estate, energy, and sustainability.

Smarter, faster, more open

ChargePoint says its updated platform was re-engineered from the ground up to manage everything from EV fleets and workplace charging to public fast-charging hubs. Key new features include AI-driven analytics that can predict maintenance needs and optimize energy use in real-time, along with a redesigned dashboard that provides operators with live insights on charger health and usage.

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The ChargePoint Platform can now manage any OCPP-compliant charger, regardless of make or model. The platform’s real-time load balancing and dynamic pricing tools help reduce energy costs during peak hours. It also has a new Waitlist feature that helps prevent queues from clogging up by automatically notifying drivers when a spot becomes available.

ChargePoint says the refreshed platform can scale easily and includes enhanced data security, new mobile-friendly controls, and accessibility features for global teams. The update is rolling out to customers now.

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Environment

Tern launches next-gen Vektron folding e-bike in the US – now with belt drive

Published

7 hours ago

November 13, 2025

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Tern launches next-gen Vektron folding e-bike in the US – now with belt drive

Tern’s popular Vektron folding e-bike just got a big upgrade for the US market. The urban mobility brand has announced the launch of the fourth-generation Vektron, now available in two models, including a long-awaited belt-drive option that promises lower maintenance and a cleaner ride.

The Vektron has been a fan favorite for years, appealing to city riders, multi-modal commuters, and travelers who want a premium e-bike that folds quickly and stores easily. The new version retains its fast-folding frame, Bosch mid-drive motor, and compact portability, but introduces key improvements in comfort, ride quality, and drivetrain options – most notably the new Vektron P5i with a Gates Carbon Belt Drive. While the new version came to other markets a few months ago, the US is finally getting a chance to ride the new model.

“The Vektron has been a solid favorite of Tern riders, whether they are multi-modal commuters, urban dwellers in need of an e-bike that stores in minimal space, or campers looking to easily include an e-bike in their travels, ” explained Steve Boyd, General Manager at Tern USA. “This 4th generation introduces several important improvements while retaining its category-leading combination of Bosch mid-drive power, superior ride quality, and incredibly fast and easy folding action. We’ve also added a belt drive model and, through careful component choices, managed to deliver competitive pricing despite cost increases due to tariff pressures.”

Paired with a Shimano Nexus 5 internally geared hub, the Vektron P5i is designed for ultra-low maintenance and daily convenience. For those who prefer a traditional derailleur setup, the Vektron P10 is still available with a 10-speed Shimano Deore drivetrain and a more aggressive geometry.

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But it’s not just the drivetrain that got a refresh. Tern borrowed design elements from its popular GSD and HSD cargo bikes to give the Vektron a more upright and comfort-focused cockpit. Riders get a taller stem, swept-back handlebars, and better weight distribution, offering a more relaxed riding posture ideal for urban cruising.

Despite its compact size, the Vektron delivers big design features. Reinforced frame components, including Tern’s robust OCL+ folding joint, give it a stable and confidence-inspiring ride that the company says sets it apart from other folders on the market.

Folding takes less than 10 seconds, and once compacted, the bike rolls easily on its own wheels – no awkward lifting required. It tucks neatly under a desk or next to a workstation, offering a secure indoor parking solution for city riders wary of bike theft.

Importantly, both new Vektron models are UL 2849 and EN 15194 certified, ensuring the electrical systems meet rigorous safety standards – a welcome reassurance in a market increasingly crowded by low-cost, uncertified imports.

The Vektron P10 will retail for $3,699 USD, while the belt-drive P5i model comes in at $4,099 USD. Both are expected to land in North American bike shops by the end of the year.

Electrek’s Take

Tern definitely deserves its place as one of the leaders in premium folding e-bikes that don’t compromise on ride quality. The addition of a belt-drive model is a major win for commuters and anyone tired of greasy chains and derailleur tune-ups. And in a market where safety certifications are becoming more critical, it’s good to see Tern doubling down on UL compliance. With the new Vektron, it looks like the Goldilocks of folding e-bikes just got even better.