Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists seeking to halt the development of new oil and gas resources.
The Royal Dutch Shell logo is seen at a Shell petrol station in London, January 31, 2008. REUTERS/Toby Melville/File Photosaid on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists seeking to halt the development of new oil and gas resources.
Climate activists have pointed to a report by the International Energy Agency saying that no new oil and gas projects should be developed in order to restrict global warming to 1.5 degrees Celsius."Cambo remains critical to the UK's energy security and economy," Siccar Point Chief Executive Officer Jonathan Roger said in a statement.
Adam Matthews, chief responsible investment officer at Church of England Pensions Board, a shareholder which leads engagement with Shell over its energy transition strategy, welcomed the move.
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