Shell in shock! The wealthy are dumping their oil stocks – Royal Dutch Shell Plc.com

Posted by John Donovan: July 1, 2024

In a move more shocking than the discovery of wet water, a growing horde of European institutional investors are abandoning oil and gas stocks as if they were yesterday’s trash. The latest to join this green consciousness is Denmark’s largest commercial pension fund, PFA, which manages a staggering $110 billion. He decided to dump his $170 million stake in Shell, citing the company’s pathetic attempt to invest in renewable energy.

“There’s been a cry for them to do more to transition,” said Rasmus Bessing, PFA’s head of ESG investments and co-chief investment officer, with an eye roll you could almost hear. “But especially in the last year, maybe a little bit more,” Shell has made it clear that it prefers to continue using fossil fuels.

Shell, with its usual nonchalance, responded with a comment from CEO Wael Sawan at their annual general meeting on May 21. Sawan boasted that shareholders “strongly supported” Shell’s strategy, emphasizing their focus on “performance, discipline and simplification.” Translation: “We continue to make money from oil, we have to deal with it. »

Meanwhile, other big players in the investment world are also growing tired of oil and gas stocks cluttering their portfolios. Europe’s largest pension fund, Stichting Pensioenfonds ABP, which manages about $550 billion, announced in May that it had exited all of its liquid oil, gas and coal assets – a chunk worth about $11 billion. It doesn’t plan to stop there; another $5 billion in less liquid fossil fuel assets are on the way.

France is also getting on the green bandwagon, thanks to new regulations on sustainable investing. Asset managers must now clean up their portfolios of about $7.5 billion in fossil fuel assets, targeting companies like TotalEnergies and, of course, our favorite oil giant, Shell.

As Shell continues to fumble in its quest to provide “the energy the world needs today,” the world is making it clear: the future is not filled with the black gold Shell is clinging to, but with the promise of a greener, cleaner future. Buckle up, Shell, it looks like your fossil fuel ride is about to run out.

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