* Shell CEO says industry needs trillions in investment
* Fast switch to renewables would endanger dividends
* Shareholders reject resolution to become renewables firm (Recasts, updates throughout)
By Ron Bousso
THE HAGUE, May 24 (Reuters) - Royal Dutch Shell cannot switch too quickly to producing renewable energy withoutrisking its dividend payments and even its very existence, theoil and gas group's chief executive warned.
Major investors, including Dutch pension fund PGGM, havecriticised Shell's climate change policy in recent months,saying it should do more to mitigate climate change risks.
However, 97 percent of Shell shareholders at its annualmeeting on Tuesday rejected a resolution to invest profits fromfossil fuels to become a renewable energy company. TheAnglo-Dutch firm had previously said it was against theproposal.
Chevron and Exxon face similar climate change resolutions attheir annual meetings on Wednesday, highlighting growinginvestor concern about oil and gas companies' exposure to awarming climate after world powers agreed to tougher emissionscuts in Paris last year.
Shell Chief Executive Ben van Beurden said that the oil andgas industry will nevertheless need to invest up to $1 trillionper year, even while meeting the U.N.-backed goal of curbingcarbon emissions to limit the rise in global warming.
Making a switch to other forms of energy would take time, Van Beurden said, adding that all the top 10 solar companies inthe world represent $14 billion in capital employed and invested $5 billion in solar energy last year, but none had sofar paid any dividends.
"We cannot do it overnight (transition to renewables)because it could mean the end of the company," he said.
And growing demand for oil and gas in emerging economiesmeans investments in the oil industry will have to continue.
"It will take an unprecedented amount of effort to bringabout a net zero emissions future," he said.
"If collectively we find a way to stay within the 2 degree(Celsius limit), we will still need significant investment inoil and gas...I am talking about up to a trillion dollars everyyear," van Beurden added.
Europe's top oil companies, including France's Total and BP have stepped up their push towardsrenewables in recent months in the wake of an internationalclimate change treaty in Paris last year, where nations agreedto limit global warming by cutting hydrocarbon use.
Shell, Europe's biggest oil company, is also setting up adedicated 'new energies' unit that will incorporate its wind andsolar as well as hydrogen and biofuel investments, an internalmemo seen by Reuters showed. (Reporting by Ron Bousso; Editing by Mark Potter and AlexanderSmith)
