Shell Exposed at AGM for Energy Projects with Unacceptable Risks
Protestors display dead moose, grizzly bears and wild salmon in a crime scene against Shell’s coalbed methane project Canada |
| ForestEthics has partnered with FairPensions to create an investor briefing describing the investment risk of Shell's project in the Sacred Headwaters. The briefing recommends areas where investors could ask Shell for further disclosure related to this project. |
High resolution photos and video footage are available upon request.
THE HAGUE - The entrance to Shell's Annual General Meeting were transformed into a crime scene by Canadian and Dutch protestors, who distributed flyers to shareholders attending the company's Annual General Meeting (AGM).
"This crime scene depicts the dire consequences of Shell's proposed plans to develop coalbed methane in the Sacred Headwaters," said Karen Tam Wu, ForestEthics Senior Conservation Campaigner. "Not only will coalbed methane drilling bring devastating impacts to wild salmon and wildlife, it also is a risky investment for shareholders," said Tam Wu.
In advance of the AGM, ForestEthics and FairPensions UK released a report to shareholders and investors describing investments risks associated with Shell's Klappan Project.
"This project has been fraught with conflict since the beginning," says Karen Tam Wu, ForestEthics Senior Conservation Campaigner. "Investors should be concerned that community opposition has already resulted in operational delays. Now, with so much public scrutiny over the practice of fracking to extract natural gas, it will be difficult for Shell to gain any social license to proceed with this project."
The report, Fracking Risks: Exposing Shell in British Columbia, compares the high development costs due to the remoteness of the area to the relatively low possible value of the resource. In addition, the report highlights the impact of carbon pricing and climate-change regulation over the 15-year period before commercial development is expected to begin.
"Investors are increasingly aware of the environmental and investment risks associated with traditional fossil fuel extraction. With the growth in unconventional fuel extraction, it is in the best interest of investors to understand the potentially very significant investment risks associated with these new and often controversial projects," said Louise Rouse, Director of Engagement at FairPensions.
Fracking requires injecting vast quantities of fresh water and toxic chemical additives underground at high pressure. The French Parliament, State of New York, province of Quebec have passed laws to ban fracking. Just last week, Duke University released findings from a study concluding that gas was leaking from fracking operations into drinking water.
The Sacred Headwaters, located in northwestern British Columbia, Canada, is an area of high cultural significance for several First Nations and is rich in biological diversity and unique in its landscape. The area meets UNESCO criteria for a World Heritage Site.
