Oil giant Shell braces for shareholder revolt over climate plans after record profits
Shell reported adjusted earnings of $39.9 billion for the full-year 2022.
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LONDON — British oil giant Shell‘s annual general meeting Tuesday looks set to be an acrimonious one, with climate-focused investors seeking to ramp up pressure on the energy major after an extraordinary run of record profits.
Follow This, a small Dutch activist investor and campaign group with stakes in several Big Oil companies, has tabled a resolution at Shell’s shareholder meeting. The meeting will be held online and in-person at the ExCel London exhibition center from 10 a.m. U.K. time.
Climate Resolution 26 calls on Shell to align its climate targets with the landmark Paris Agreement and commit to absolute carbon emissions cuts by 2030. These cuts, Follow This says, should include emissions generated by customers’ use of their oil and gas, known as Scope 3 emissions.
It echoes a 2021 ruling by a Dutch court that Shell should reduce its global carbon emissions by 45% by the end of the decade, which the company has appealed.
For the first time, Dutch pension managers MN and PGGM — both Shell shareholders — have endorsed the resolution. The institutional investors lead engagement with Shell on behalf of the world’s largest climate-focused investor group Climate Action 100+, which represents $68 trillion in assets.
It comes as investors increasingly see a warming planet as a growing risk to their portfolios. The burning of fossil fuels, such as oil, gas and coal, is the chief driver of the climate crisis.
Meanwhile, the Church of England Pensions Board, Britain’s Local Authorities Pensions Funds Forum, the the U.K.’s National Employment Savings Trust, and shareholder adviser PIRC have said they will either vote against or recommend a vote against the re-appointment of Shell Chairman Andrew Mackenzie.
Adam Matthews, chief responsible investment officer at the Church of England Pensions Board, reportedly said earlier this month that it had “lost confidence in the direction of the company.”
Shell, which is aiming to become a net-zero emissions business by 2050, has recommended shareholders vote against the motion tabled by Follow This. The company described Climate Resolution 26 as “unclear, generic and would create confusion as to Board and shareholder accountabilities.”
“We strongly disagree with the Follow This resolution and with those organisations which have recommended supporting it, or voting against Board members. There must be an emphasis on changing the use of energy as much as its supply, and this is reflected in our approach,” a spokesperson for Shell said in a statement.
“We will continue to invest in producing the energy the world needs today and for the foreseeable future. All of our investments have to provide a rate of return that our investors demand,” they added.
Proxy advisors Glass Lewis and ISS have both recommended that their clients vote against Resolution 26.
It is unlikely that those planning to vote in favor of the resolution will trigger a broader shareholder revolt or succeed in ousting board members, but Follow This says it hopes investors take the opportunity to compel the company to align their 2030 emissions reduction targets with the Paris accord.
At BP‘s annual general meeting last month, support for a Follow This resolution calling for tougher emission reduction targets by the end of the decade came in at 17%, although this was up from 15% last year.
Bumper profits
Big Oil posted bumper profits last year, bolstered by soaring fossil fuel prices and robust demand following Russia’s full-scale invasion of Ukraine.
For its part, Shell reported its highest-ever annual profit of nearly $40 billion in 2022. That comfortably surpassed the $28.4 billion in 2008 which Shell said was its previous annual record and was more than double the firm’s full-year 2021 profit of $19.29 billion.
Earlier this month, Shell posted adjusted earnings of $9.6 billion for the first three months of 2023.
The record profits were seen from within the industry as something of a vindication. Oil and gas giants came under immense pressure from shareholders and activists to invest in clean energy as oil demand cratered in the peak of 2020 Covid lockdowns.
The push toward green reform lost momentum last year, however, alarming investors and campaigners as the world’s leading climate scientists warned of “a brief and rapidly closing window to secure a livable future.”
After ultimately failing with several climate resolutions in 2022, Follow This’ Mark van Baal told CNBC earlier this year that it was clear from discussions with oil majors that they were determined to fend off activist and shareholder pressure and continue with their core oil and gas businesses.
Environment
Destroyed Cybertruck used in Vegas bombing is for sale, Musk said Tesla would rebuild it
The Tesla Cybertruck used in the Las Vegas bombing appears to have landed in an auction for sale as salvaged, still destroyed. CEO Elon Musk said Tesla would put it back on the road.
Good luck with that.
In January, a Tesla Cybertruck exploded at the Trump Tower in Las Vegas.
The driver is believed to have shot himself in the head right before the vehicle exploded. Evidence proved that some firework mortars and gas canisters were inside the Cybertruck’s bed.
After the explosion, Tesla CEO Elon Musk praised the Cybertruck for “containing” the explosion and reducing the damage.
He even went as far as claiming that the powertrain was still working and that Tesla would rebuild the Cybertruck and bring it back on the road:
“Once we get this Cybertruck back to Tesla, we’ll buff out the scratches and get it back on the road.”
When questioned about the seriousness of this statement, he affirmed, “No, I mean it.”
They clearly haven’t yet because the Cybertruck has now shown up as a salvaged vehicle for auction on IAA’s site:
It’s not clear if Tesla had an opportunity to get the truck until now, but they certainly could buy it now.
Electrek’s Take
Good luck rebuilding the truck. Maybe they can salvage the battery pack and motors in a new truck, but there’s no way or point to salvage the chassis.
Elon has already confirmed that Tesla engineers have looked at the car. I’m sure that they had the opportunity to get it from the insurance company.
I bet that Tesla doesn’t want the car, and it won’t be back on the road as Elon claimed. You can add it to the list of lies he told this year. Are we in the hundreds already? And we are only in March.
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What’s better than an all-electric boat? An all-electric boat with a hot tub in it. Niche boatbuilder Spacruzzi made waves (but limited wake) last year with an electric hot tub boat model showcased around the US, including Lake Tahoe and even on the Chicago River. For 2025, Spacruzzi has introduced a sleeker and more refined version of its electric boat and opened its waiting list for a limited number of builds scheduled for this year.
Spacruzzi is a marine vessel developer whose flagship product shares the same name and looks to stand out as a luxury option for both private owners and rental operators. Per the company website:
While there have been other versions of hot tub boats on the market over the years, nothing comes close to matching the experience of a Spacruzzi. From the attention to detail, luxury finishes and patent pending features to the outstanding build quality and ease of ownership – we have set out to create the most sought after experience on the water. We built Spacruzzi to provide an unforgettable experience to the end user while giving rental operators and entrepeneuers an exciting new offering to build and grow their business and it is our mission to enable this industry to thrive.
Each electric boat is designed, fabricated, and assembled by hand at Spacruzzi’s facilities in Polson, Montana. They arrive fully compliant for anyone and everyone to operate and deliver mobility technology that exceeds environmental regulations.
A previous version of the Spacruzzi electric hot tub boat appeared on the FOX game show Snake Oil, and several were put into rental operations on the Chicago River—available even during some of the colder months.
Recently, Spacruzzi introduced an updated version of its electric hot-tub boat featuring a more luxurious look and feel. Additionally, a select few can put a deposit down to secure one for themselves this year.
Spacruzzi introduces upgrades to its 2025 hot tub boat
The images above show the updated version of Spacruzzi’s electric hot tub boat. This model is 15.6 feet long and 8.2 feet wide, with a draft of only 2.75 feet, enabling it to navigate shallow waters. When on the water, the Spacruzzi electric hot tub boat offers room for 6 passengers and weighs about 4,500 pounds at max capacity, alongside 400 gallons of water in the tub itself, which can be heated to up to 104℉.
The hot tub boat is propelled by a 3.0 Torqeedo electric motor pod that delivers approximately 3-5 horsepower, translating to 4-5 mph speeds on the water. A USCG-compliant propane heater supports the vessel’s hot tub operations, and two compartments aft of the vessel offer room for up to four lithium battery packs capable of powering the motor, heater, and internal water treatment system for up to 16 hours.
Each boat includes one battery pack that can deliver between four and five hours of running time on a single charge. Each boat also has AC charging capabilities, but Spacruzzi can add fast charging for an additional fee. Speaking of fees, Spacruzzi shared that it has opened its waitlist for its 2025 hot tub boat production schedule.
Interested individuals or businesses can secure an electric hot tub boat build with a $2,500 non-refundable deposit. When Spacruzzi is ready to assemble your vessel, it requires a 50% deposit minus the $2,500 waitlist deposit. The final 50% payment is due when the order is complete; it will be shipped to your specified destination. Spacruzzi says builds take about 90-100 days after receiving the 50% production deposit. Per Spacruzzi, the base price of its updated boat is $68,500.
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Ford is investing billions in Europe as it struggles to keep pace with the wave of Chinese and other low-cost EVs hitting the market. With another 4.4 billion euros ($4.8 billion) in funding, Ford looks to turn things around, but it’s also calling on lawmakers to do more.
Ford injects billions in Europe to fight Chinese EVs
With “significant losses” over the past few years, Ford is restructuring its business in Europe as it aims to cut costs and simplify operations.
Back in November, the American automaker said it planned to cut another 4,000 jobs in Europe by 2027, blaming “lower-than-expected” demand and mounting pressure from new EVs entering the market, including Chinese brands like BYD and SAIC’s MG.
Ford announced plans to invest another 4.4 billion euros ($4.8 billion) on Monday to support its transformation. The funds will be used to reduce the growing debt at its German subsidiary, Ford-werke GmbH.
In a statement, the company said the new capital injection will help reduce debt at Ford plants in Germany and fund a multi-year business plan. Ford’s German unit has about 5.8 billion euros ($6.3 billion) of debt.
Ford Motor Company’s vice chairman, John Lawler, explained, “With the new capital for our German subsidiary, we are driving the transformation of our business in Europe and strengthening our competitiveness with a new product range.”
Lawler stressed the need to “simplify our structures, reduce costs and increase efficiency” if it wants to compete. He added that Europe needs “a clear political agenda” to promote EV adoption that aligns with consumer demand.
Over the past few years, Ford has invested heavily in Europe to better compete, including $2 billion to upgrade its Cologne manufacturing plant to produce EVs.
The plant builds two models, Ford’s electric Explorer and Capri. Although Ford revealed its fourth EV for Europe (including the Mustang Mach-E) in December, the Puma Gen-E is being built in Romania.
Electrek’s Take
Can Ford spark life back into its European business? It’s not the only one struggling to keep up with new competition, Volkswagen is also cutting jobs in its home market and is even considering closing plants.
Legacy automakers, like Ford and Volkswagen, have been caught off guard by Chinese EV leaders like BYD’s aggressive expansion overseas to drive growth.
According to Jato Dynamics, Chinese brands are quickly gaining traction in Europe. In January 2025, 37,134 Chinese vehicles were registered, a 52% increase from the previous year. During the same time, Chinese brands’ market share grew from 2.4% to 3.7%. Combined, it would now put them ahead of Ford.
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