UK asset manager Sarasin & Partners has sold almost 20 % of its Shell holdings , worth £ 33.8 m ( $ 42.2 m ) , claiming the oil and gas company ’s spending plans are inconsistent with international climate change goals . News of the sale was first reported by the Financial Times. Less than a year ago , Shell , together with a group of investors calling themselves Climate Action 100 + , which included Sarasin , agreed a resolution to reduce the Anglo - Dutch company ’s carbon emissions . Shell plans to increase annual spending between 2021 and 2025 to $ 30bn , up from $ 20 . Of this , $ 2bn to $ 3bn will be spent on power and renewables . Sarasin will now review its remaining £ 120 m investment in Shell .
UK asset manager Sarasin & Partners has sold almost 20 % of its Shell holdings , worth £ 33.8 m ( $ 42.2 m ) , claiming the oil and gas company ’s spending plans are inconsistent with international climate change goals . Less than a year ago , Shell , together with a group of investors calling themselves Climate Action 100 + , which included Sarasin , agreed a resolution to reduce the Anglo - Dutch company ’s carbon emissions . Shell plans to increase annual spending between 2021 and 2025 to $ 30bn , up from $ 20 . Of this , $ 2bn to $ 3bn will be spent on power and renewables . Sarasin will now review its remaining £ 120 m investment in Shell .