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Our Take: Church Pivot Is Mixed Blessing for Majors

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The Church of England (CofE) Pensions Board, whose influential role in activist shareholder campaigns has made even the most skeptical oil major executives sit up and take notice, last week announced it was shifting its focus on climate engagement. It will turn its attentions away from supply-side oil and gas and toward demand, concentrating on energy-consuming industries like the automotive sector. On the face of it, the move may appear an outright snub of oil and gas, which accounted for just 0.28% of the Pensions Board’s £3.5 billion ($4.3 billion) investment fund at the end of 2021. But while the risk of irrelevance indeed looms large, Energy Intelligence also thinks the shift could help energy majors reach their transition goals.

Topics:
CO2 Emissions, Renewable Electricity , Electric Vehicles, Hydrogen
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