UK asset manager Sarasin & Partners has sold almost 20% of its Shell holdings, worth £ 1.3bn, to a consortium led by the Abu Dhabi Investment Authority. 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 $25bn. Of this, $2bn to $3bn will be spent on power and renewables. Sarasin will now review its remaining £120m holdings in Shell.
UK asset manager Sarasin & Partners has sold almost 20% of its Shell holdings, worth £33.8m ($42.2m), 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 $25bn. Of this, $2bn to $3bn will be spent on power and renewables. Sarasin will now review its remaining £120m holdings in Shell.