A group of Nigerian NGOs has written to the Archbishop of Canterbury saying they are “extremely disappointed and concerned to see that the Church of England Pensions Board (CEBP) is lending its moral and financial authority to Shell” and urged it to rethink plans to support the oil major’s climate plan at its annual meeting next week.
Investors are already divided on Shell’s climate transition strategy. The CEPB, which leads Climate Action 100+’s engagement with Shell in partnership with Dutch investment manager Robeco, has said it is “likely” to vote in favour of its new climate plan. But its approach is at odds with fellow faith-based investors, and increasing number of whom are divesting fossil fuels on climate grounds.
Investors such as Sarasin & Partners and hedge fund The Children’s Investment Fund (TCI) have said they plan to vote against Shell’s climate plan, which seeks to outline its strategy for decarbonising by 2050.