Climate concerns are driving an acceleration in the global transition towards environmentally sustainable energy sources, with significant implications for emerging markets as they seek to keep pace with high demand growth over the long term. In a sign of the growing influence of environmental, social, and governance (ESG) standards on the energy industry, three of the world’s energy majors recently experienced significant developments that could dramatically change the way they do business. In a landmark ruling, on May 26 a Dutch court ordered Royal Dutch Shell (-5.26%) to reduce its carbon emissions by 45% – as measured against 2019 levels – by 2030. The lawsuit was filed by seven groups, including environmental organizations Greenpeace and Friends of the Earth Netherlands, on behalf of 17,000 Dutch citizens, and claimed that the company was threatening their human rights by continuing to invest in fossil fuels. Although Shell, which had previously unveiled […]