Nest’s letter to Shell

ClientEarth has filed a lawsuit against the Board of Directors of Shell plc for failing to manage the material and foreseeable risks posed to the company by climate change.

Nest is in support of this lawsuit. We have written a letter setting out our concerns, as an investor, in relation to Shell’s climate change strategy.

We believe we can use our role to highlight how the wider industry should be taking action – this isn’t just about Shell. There are oil and gas companies in our portfolio who aren’t doing enough to seriously transition their business and we hope they take note.

Mark Fawcett, Nest’s CIO commented:

“Investors want to see action in line with the risk climate change presents and will challenge those who aren’t doing enough to transition their business. We hope the whole energy industry sits up and take notice.
2023 is a crucial year if we are to keep net-zero by 2050 on track and this case can be a springboard for Shell introducing key changes. Robust short- to medium-term strategies are needed to meet the goal of the Paris Agreement, whereas the company’s new oil and gas projects in development pose risks to investors in terms of carbon lock-in and stranded assets.”

Ends.