The case comes shortly after Shell reported its highest-ever annual profit of nearly $40 billion.
Environmental law firm ClientEarth, in its capacity as a shareholder, filed the lawsuit against the British oil major's board at the high court of England and Wales on Thursday.
Environmental law firm ClientEarth, in its capacity as a shareholder, filed the lawsuit against the British oil major's board at the high court of England and Wales on Thursday. "Shell may be making record profits now due to the turmoil of the global energy market, but the writing is on the wall for fossil fuels long term," Paul Benson, senior lawyer at ClientEarth, said in a statement.
The group of investors supporting the claim include U.K. pension funds Nest and London CIV, Swedish national pension fund AP3, French asset manager Sanso IS and Danske Bank Asset Management, among others. Altogether, the institutional investors hold more than half a trillion U.S. dollars in total assets under management.
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