Oil giant Shell’s updated energy transition strategy won the backing of 78% of shareholders at the company’s annual general meeting in London on Tuesday, Bloomberg reported . Just 19% of shareholders voted in favor of a climate resolution filed by activist investor group Follow This and 27 investors, including European asset manager Amundi, one of the region’s largest. Speaking on the sidelines of the meeting in London, Shell CEO Wael Sawan said he was “very pleased” with the level of support he had received from investors. “I am pleased that we saw the Follow This resolution get an even lower percentage of votes than in previous years,” he added. The vote is a setback for Follow This, which has filed climate resolutions at eight of the past nine Shell AGMs, after winning the support of 30% of shareholders in 2021. The group wants the company to set tougher targets for cutting carbon emissions to help limit global warming in line with the 2015 Paris Agreement. However, concerns over energy security have risen up the agenda for investors in recent months, following Russia’s invasion of Ukraine and the subsequent energy crisis in Europe. Shell last updated its energy transition strategy in March, watering down some of its targets. The company now aims to cut the “net carbon intensity” of its energy products by 15% to 20% by 2030, compared with a previous target of 20%. Shell has also dropped a target to cut emissions by 45% by 2035, citing “uncertainties in the pace of change in the energy transition.” Read Also: Shell profit falls 15.5% to €6.86bn in first quarter