More than £20 billion of UK pension money is invested in Shell, according to research from Make My Money Matter, a campaign founded by filmmaker and activist Richard Curtis.
The analysis estimates the average UK pension invests £905 in the oil and gas market, contrary to what many savers might expect to be the direction of of investment in fossil fuel expansion.
Shell announced Q1 results with record profits of $9.6 billion. Despite commitments to reduce emissions, the oil giant continues to explore and develop new oil and gas.
The campaign is also concerned by the lack of 2030 scope three absolute targets, indicating insufficient commitment to climate plans.
A number of UK pension schemes planned to vote against Shell’s directors for their failure to act against climate change.
Nest, the UK’s largest pension scheme by its 12 million membership and £29 billion assets under management, opposed the reelection of Shell’s chair and its energy transition resolution. It also supported lobbyist FollowThis’s shareholder resolution calling on Shell to align its carbon reduction targets with the Paris Climate Agreement.
London CIV, the UK pension pool with combined assets under management of £48.9 billion, opposed the company’s chair and directors, a position supported by investment adviser PIRC.
Shell is no stranger to controversy. Earlier this year, environmental law charity ClientEarth filed a climate risk lawsuit against it for failing to adopt and implement an energy transition strategy that aligns with the Paris Agreement.