Of the 107 delegates voting this weekend, 75 backed Shaw and 32 voted to reopen nominations.
Fronting the media in Parliament today at 5.30pm, Shaw said he was "inclined" to stand again for leadership, but he would test the waters with the leadership membership first.
Shaw also spoke with Prime Minister Jacinda Arden this afternoon. Ardern indicated to Shaw he would stay on as Minister for Climate Change even if he lost the co-leadership.
If another candidate puts their name forward, Shaw could be toppled. Nominations will be open for one week from today.
A recent rule change in the Greens means that the challenger does not need to be male, as was the rule previously. The candidate also does not need to be a sitting MP.
If only Shaw puts his name forward for the leadership, another vote will be held with Shaw pitted against an option to reopen nominations. This could mean nominations being reopened again.
If another candidate puts their name forward, a leadership vote must be held within a month. This will likely happen towards the end of that one month period.