Dutch oil major Shell at its shareholder meeting in London and the French oil major, Total Energies, at its shareholder meeting in Paris were surrounded by climate change protestors.

This is easier said than done. Shell’s chief executive Wael Sawan said after the meeting, “The silent majority is very clear with us as to their expectations…(to) find a balanced transition.” It means that of setting up realistic goals of achieving net zero carbon emissions, moving to cleaner energy sources and phasing down fossil fuels. This is seen as a delaying tactic of the oil majors by the climate activists. Follow This has moved a more stringent resolution at the Total Energies shareholders’ meeting with the support of 17 other institutional investors with 1.1 trillion euros investments. The resolution proposes that Total Energies reduce its greenhouse gas emissions by 2030. But the board is opposing it while the company is focused on “intensity targets” which implies increasing renewable energy assets. The resolution also demands that that there should be reduction in emissions by the end-users of Total Energies product, that is Total Energies supplies being used up in cars and planes and contributing to greenhouse gas emissions. The deadline is 2030. The French oil major is committed to reducing emissions at its own production facilities.

There is an acceptance that fossil fuels need to be phased as part of the strategy to reduce carbon emissions. But the debate is about the pace of the reduction plan. The climate activists demand that the reduction goals should be accomplished faster than planned by the oil companies. Total Energies has its own internal climate plan which includes modest carbon emission targets. Many people, including scientists, seem to feel that the change has to achieved on a war footing and that there is no time for gradual transition. But the realists among the oil companies as well as oil producing countries are of the view that fossil fuels cannot be wished away with a magic wand, and that there are no feasible alternatives to keep the global economy running. The realistic solution seems to be to reduce the share of fossil fuels and increase that of the clean energy. The battle between the two groups will continue. The effects of climate change through depletion of natural resources, extreme weather events like floods and heat waves all over the world, which affect man and beast, are too evident to be ignored. This does not however mean that climate change can be rolled back by drastic decisions like doing away with fossil fuels instantaneously.