Under the leadership of CEO Wael Sawan, who has been confirmed in his position, Shell has decided to bet big on liquefied natural gas, aiming to become the world leader in the sector.

Only one-fifth of shareholders expressed reservations, albeit timid ones, as they merely demanded more details and transparency. The other four-fifths unreservedly approved Sawan's strategy.

Sawan is right to point out that natural gas—the world's fastest-growing energy source—is the key link in the energy transition.

It is the primary substitute for coal, rather than renewables or nuclear power, whose share of the global energy mix has not increased. Nowhere is this dynamic clearer than in the US.

Shell is betting that this trend will now spread to Asia, where demand for liquefied natural gas is expected to increase by 60% by 2040. There is an urgent need, given that China intends to continue building new coal-fired power plants until 2027.

Just two years ago, it was still authorizing new construction at a rate of two new coal-fired power plants per week.

The European majors have therefore well and truly buried the vain illusions of the past. Shell has been fully committed to this strategy for some time now, while Norway's Equinor—formerly Statoil—has been more into "greenwashing" without losing sight of its real interests.

See also Shell confirms its strategic pivot.

BP has been the slowest to get off the ground. But under pressure from the formidable Elliott activists, the British major has begun to refocus on hydrocarbons after a disastrous cycle of investment in renewables. See Hope on the horizon for BP.

Amid persistent rumors of a potential merger between Shell and BP, Wael Sawan said earlier this month that his group would prefer to buy back its own shares rather than consider a takeover of its compatriot.

MarketScreener analysts tend to believe that these harsh comments are a bluff aimed at preventing BP's share price from rising too sharply if the rumors turn out to be true.