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.
Tested: Anker SOLIX C1000 Gen 2 portable power station brings ample support in a smaller and lighter unit
Anker is hands-down one of the most well-known tech accessory brands with an extensive lineup of consumer electronics, and its SOLIX sub-brand has making waves in the portable backup power solution space. Its C1000 power station made big waves when it first hit the market in 2023, quickly becoming a popular charging solution for camping and other outdoor activities, in particular. Now, two years later, the Anker has introduced its SOLIX C1000 Gen 2 Portable Power Station, which I was lucky enough to snag and test out, and which I believe will outshine its predecessor in the long run. Head below to get my hands-on impressions of this all-new solar generator.
To get our full hands-on impression of this new portable backup power solution, be sure to check out our review here.
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Rad Power’s Haul-o-ween Sale offers up to $210 in FREE cargo or starter gear with new and legacy e-bikes starting from $1,399
Rad Power Bikes has launched its Haul-o-ween Sale, with a $200 discount on its RadRover 6 Plus e-bike, as well as several other models (new and legacy) getting up to $210 in FREE bundle kits and accessories. Amongst the models seeing bundles attached, you’ll find the Radster Trail Off-Road e-bike getting a free $199 cargo kit at $1,999 shipped, with its Radster Road Commuter e-bike sibling getting the same kit for $1,999 shipped too. Just be sure to add the e-bikes and the cargo kits (all from the same landing pages) to your cart for the discount to automatically be applied. Originally going for $2,199 at full price since their release in March, we saw the brand officially drop prices to these rates mid-August, with the deals here giving you the continued lowest tracked prices alongside the free gear. Head below to learn more and browse the full lineup of deals while the sale lasts.
The stylish new Radster Trail and Radster Road e-bikes are very similar in their overall designs, with slight differences based on where you plan to spend most of your time riding – down streets or through trails and other off-road areas. They both come boasting 100Nm torque-producing 750W rear hub motors with 720Wh Safe Shield semi-integrated batteries powering them. This combination provides you with up to 65+ miles of pedal-assisted travel (supported by a torque sensor) at up to 20/28 MPH top speeds, depending on state-specific laws. Among the other shared features, you’ll be gaining hydraulic disc brakes, hydraulic suspension forks, auto-on headlights, brake-activated taillights, turn signaling functionality, rear cargo racks, a color display with a Type-C port, and more.
There are also the shared smart features here, which include passcode locking, an included security fob, and more. Where these models differ, as you may already be able to guess, is mainly in their tires. The Trail model bringing along 27.5-inch by 3-inch Kenda Havoc puncture-resistant tires for your off-roading fun, while the Road model has been equipped with 29-inch by 2.2-inch Kenda Kwik puncture-resistant tires, as well as some differing fender/handlebar designs too.
Rad Power Bikes Haul-o-ween discounts:
Rad Power Bikes Haul-o-ween bundle/accessory deals:
Upgrade your security with up to $280 in exclusive savings on Anker eufy cameras and smart locks at new lows from $70
We’ve secured quite the lineup of exclusive deals for our readers from Wellbots on Anker eufy security devices, with most at new low prices, like the SoloCam S340 Solar Security Camera at $109.99 shipped, after using the exclusive code 9TO5EUF90 at checkout. Normally, this model runs for $200 at full price, which we’ve seen drop as low as $123 this year, while last year saw things fall lower to $120 during Cyber Monday sales. While these exclusive savings last, you’ll be getting $90 taken off the tag, landing it at a new all-time low price. Head below to learn more about this device and the others benefiting from exclusive discounts.
Heybike’s premium Hero carbon fiber mid-drive and rear hub all-terrain e-bikes at new lows from $2,099
As part of its ongoing Prime Fall e-bike Sale, which has given us new low prices on the ALPHA all-terrain and Hauler cargo e-bikes, Heybike has also dropped the price lower-than-ever on its Hero Carbon-Fiber All-Terrain e-bikes too. You can find the 1,000W rear hub model down at $2,099 shipped, while its upgraded 750W mid-drive model is sitting at $2,299 shipped. These are some of the brand’s higher-end EVs, which normally go for $2,599 and $3,099 at full price, and which have mostly received $100 to $300 discounts over the year, save for select events, like its anniversary sale, where we saw things go lower to $2,199 and $2,499. Now the savings are bigger and better than ever, as the $500 and $800 markdowns here land the costs at new all-time low prices.
Bring home Autel’s 40A MaxiCharger AC Lite level 2 EV charging station with an AI voice assistant for $379
Through its official Amazon storefront, Autel is dropping costs on its MaxiCharger AC Lite Home 40A Smart AI Level 2 EV Charger to $379 shipped in both colorway options. This is an at-home charging solution that normally runs for $470 at full price, with regular discounts to $399 over the year, and only one-time falls to $376 and the $352 low, which appeared back during Memorial Day sales. You can pick it up here at only $3 more than July’s Prime Day rate, saving you $91 off the going rate for the third-lowest price we have tracked.
Review: Ride1Up’s Revv1 DRT e-bike is a rugged off-roader with plenty of suspension and hidden punch
When it comes to e-bikes, most people’s immediate thought is a commuter model designed to get you through streets to your various destinations, but with Ride1Up’s Revv1 DRT e-bike, the fun is extended (and primarily focused) to off-road adventures, and boy, does this baby have some go in it. It’s been over two years since we reviewed the Revv1 FS counterpart, which we came away quite impressed with its SUPER73-like design. Now we’re heading off the beaten path with this newer off-road variant, which boasts improved specs that outshine its predecessors in the series.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
It’s a good thing the new 2026 LEAF should be here any day. The recall affects over 19,000 Nissan LEAF vehicles, model years 2021-2022, because the battery may overheat during fast charging. Here’s the fix.
Nissan LEAF recall impacts 19,000+ vehicles
Nissan’s OG, the LEAF, has been hit with yet another recall. In a letter sent to the National Highway Traffic Safety Administration (NHTSA) on October 2, Nissan announced a recall of 19,077 LEAF models from 2021 to 2022.
The recall only affects models that are equipped with a Level 3 quick charging port. Nissan said the battery may overheat during fast charging.
After an investigation, Nissan found that LEAF models built between November 3, 2020, and May 23, 2022, at its Smyrna Assembly plant, may have an issue with excessive lithium deposits within the battery cells. If that happens, the increased electrical resistance can cause the battery to overheat or catch fire during Level 3 charging.
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Nissan is preparing a software update to fix the issue. Once it’s ready, Nissan said owners of affected vehicles will be notified with an “Invitation to Repair Owner” letter, which will include further instructions.
2025 Nissan LEAF (Source Nissan)
The letters are expected to be mailed out, starting on October 24, 2025. Dealers will update the battery software, free of charge. Until it’s ready, Nissan is urging owners not to use Level 3 quick charging.
For those with LEAF models that are no longer under warranty, Nissan will include instructions in the owner notification letters concerning reimbursement.
2025 Nissan LEAF (Source Nissan)
Owners can contact Nissan’s customer service at 1-800-867-7669. Nissan’s recall number is R25C8. You can also contact the National Highway Traffic Safety Administration Vehicle Hotline at 1-888-327-4236 or visit the nhtsa.gov website for more information.
2026 Nissan LEAF (Source: Nissan
The outgoing LEAF has had several major recalls now, but the third-generation model, set to hit dealerships any day now, promises to fix some of its biggest issues.
Nissan claims the 2026 LEAF has “the lowest starting MSRP for any new EV currently on sale in the US” at just $29,990. It also has a fresh, new crossover SUV-like design, over 300 miles of driving range, and an NACS port (finally) to access Tesla Superchargers.
While Nissan focuses on the new LEAF, its electric SUV, the Ariya, will not be offered in the US for the 2026 model year.
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Tesla has officially launched the Cybertruck in Saudi Arabia and Qatar, as the automaker seeks to expand the electric pickup truck’s availability in new markets following disappointing demand in the US.
For its first year of production, Cybertruck was limited to the North American market, and it has been a commercial flop.
Tesla had accumulated over 1 million reservations for the vehicle and planned for a production capacity of 250,000 units per year, with CEO Elon Musk saying that it could be increased to 500,000 units.
After Tesla unveiled the production version with a much higher price than initially announced and a significantly shorter range, demand plummeted, and now Tesla is struggling to sell the truck at a rate of 25,000 units per year – a tenth of the production capacity.
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Over the past few months, the automaker has been expanding Cybertruck availability to select overseas markets in an effort to utilize a portion of its unused production capacity.