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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

NRA files for bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for voluntary bankruptcy as part of a restructuring plan.

Driving the news: The gun rights group said it would reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment." Last year, New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

44 mins ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.

A new Washington

Photo: Stefani Reynolds/Getty Image

D.C. Mayor Muriel Bowser said Friday that the city should expect a "new normal" for security — even after President-elect Biden's inauguration.

The state of play: Inaugurations are usually a point of celebration in D.C., but over 20,000 troops are now patrolling Washington streets in an unprecedented preparation for Biden's swearing-in on Jan. 20.

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