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Photo: Osama Faisal/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell, under pressure from activist investors, said Monday it will begin setting short-term carbon emissions goals for its products and link the targets to executive pay.

Why it matters: The yet-to-be-determined targets represent new, nearer-term pledges from Shell, which has previously laid out non-binding, long-term goals to cut net emissions in half by 2050 and by 20% by 2035.

  • The multinational energy giant released a joint statement on the plan with the shareholder group Climate Action 100+. It's the result of negotiations led by the Church of England Pensions Board and asset management firm Robeco.
  • It states that the nearer-term targets will "operationalize" the longer-term goals first announced in 2017.
  • The Financial Times first reported the new agreement late Sunday.

What's next: "Shell will set the target each year, for the following three- or five-year period. The target setting process will start from 2020 and will run to 2050," Shell said in a statement Monday.

  • Shell CEO Ben van Beurden said in a statement: “We are taking important steps towards turning our Net Carbon Footprint ambition into reality by setting shorter-term targets."

What they're saying: Andrew Logan of Ceres, a sustainable investment advocacy group, tells Axios that the move is "groundbreaking."

  • "The industry has long resisted the idea of taking responsibility for product emissions, even though they are an order of magnitude larger than operational emissions and are the source of much of the industry's climate risk," he said in an email.
  • "This announcement means that Shell is moving from ambition to firm targets," Logan added.

The intrigue: A provision deep in the agreement with Climate Action 100+ says Shell is reviewing its membership in trade associations.

  • Shell said it recognizes that it's important to ensure the memberships don't "undermine its support for the objectives of the Paris Agreement on climate change." The results of the review will be made public in the first quarter of 2019, Shell said.
  • The revised executive pay policy, meanwhile, will be submitted for shareholder approval at Shell's 2020 annual meeting.

Go deeper: Read the agreement between Shell and Climate Action 100+.

Go deeper

Jan. 6 panel subpoenas 2 far-right "America First" activists

The House panel investigating the Capitol riot, from left; Reps. Bennie Thompson, Liz Cheney, Adam Kinzinger and Jamie Raskin on Capitol Hill in December. Photo: Drew Angerer/Getty Images

The House select committee investigating the Capitol riot issued subpoenas Wednesday for far-right leaders Nick Fuentes and Patrick Casey, who allegedly encouraged followers to go to D.C. and challenge the 2020 election results.

Why it matters: The action underscores the panel's increasing focus on rallies held ahead of the Capitol attack and how extremists were drawn to former President Trump's baseless claims of widespread voter fraud, per the New York Times.

Democrats fail to change Senate rules to pass voting rights bill

Senate Majority Leader during a news conference in Washington, D.C., on Wednesday. Photo: Alex Wong/Getty Images

Democrats failed Wednesday night to change Senate filibuster rules to pass the voting rights bill, with Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.) voting with Republicans.

The big picture: The failed effort came after Senate Republicans blocked the voting rights measure from coming to a final vote earlier Wednesday.

Updated 4 hours ago - Politics & Policy

Supreme Court rejects Trump's attempt to shield documents from Jan. 6 committee

Photo: Melissa Sue Gerrits/Getty Images

The Supreme Court rejected on Wednesday night a bid by former President Trump to block the release of documents and records from his administration to the House committee investigating the Jan. 6 riot at the Capitol.

Why it matters: Trump asked the Supreme Court to step in and block the release of the documents last month after a panel on the U.S. Court of Appeals for the D.C. Circuit unanimously denied his attempt to prevent the committee from obtaining the materials.

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