REPYF - Shell other oil majors dumped by Church of England endowment fund

2023-06-22 11:27:57 ET

The Church Commissioners for England, which manages the Church of England's £10.3B ($11.3B) endowment fund, said Thursday it will sell off stakes in nearly a dozen oil and gas majors from its investment portfolio, saying the companies are failing to address climate risks, Argus Media reported.

Oil and gas firms excluded by the Church Commissioners for England include Shell ( NYSE: SHEL ), BP ( NYSE: BP ), Exxon Mobil ( XOM ), TotalEnergies ( TTE ), Occidental Petroleum ( OXY ), Equinor ( EQNR ), Ecopetrol ( EC ), Eni ( E ), Repsol ( OTCQX:REPYF ) ( OTCQX:REPYY ), Sasl ( SSL ) and Mexico's state-controlled Pemex.

The group said the companies are not aligned with the goals of the Paris agreement, which calls for global warming to stay "well below" a 2°C rise in pre-industrial temperatures and ideally limit it to 1.5°C.

Shell ( SHEL ) said last week it will devote a larger portion of annual spending to oil and gas, and signaled it will restrict spending on renewable energy projects to those it believes can compete with the returns of its fossil fuel business.

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