ESG & Investing
Shell Dumped by Church of England Pensions Due to Oil Risk
- New strategy ‘undermines confidence’ in Shell, investor says
- Climate activists dub Shell’s new strategy ‘catastrophic’
The Shell Plc company logo on a totem sign at the entrance to a petrol station in Billericay, UK, on Wednesday, Feb. 1, 2023.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
The Church of England Pensions Board will offload its stake in Shell Plc as part of a total exit from oil and gas, as the influential investor turns its back on companies it says are failing to address climate risks.
After years of trying to engage with management boards, it’s now clear that Shell and a number of its peers don’t have “sufficient ambition to decarbonize in line with the aims of the Paris Agreement,” John Ball, chief executive officer of the CofE Pensions Board, said in an emailed statement on Thursday.