Norway's $1.6 trillion sovereign wealth fund said today it had asked Shell to make additional disclosures regarding the company's revised climate targets.
The Norwegian fund will however oppose an independent resolution at Shell's annual shareholders' meeting next week, filed by 27 investors, that called on the energy company to set tighter climate targets.
Norges Bank Investment Management (NBIM), which operates the Norwegian fund, is Shell's second biggest shareholder with a stake of 3.03%, according to LSEG data.
Shell in March weakened a 2030 carbon reduction target and scrapped a 2035 carbon intensity reduction objective, citing expectations for strong gas demand and uncertainty in the energy transition.
The company however reaffirmed a plan to cut emissions to net zero by 2050.
"Shell's energy transition strategy has evolved under the new CEO. We nevertheless believe that it sufficiently retains the core components of a Paris-aligned transition plan," the fund, one of the world's largest investors, said on its website.
"We have encouraged Shell to make additional strategy disclosures that could reduce uncertainty about the company's direction in the mid-2030s," it added.
