Nest, the £20bn UK government-backed workplace pension scheme, has sold its holdings in ExxonMobil and four other energy companies, criticising their progress on managing climate change risks. The group, which looks after the retirement savings of 10m UK workers, dumped investments worth £40m in Exxon, Imperial Oil, Korea Electric Power Corp (Kepco), Marathon Oil and Power Assets, the Hong Kong-based electric utility company. “These five companies have not done enough to convince us that we should remain shareholders,” said Katharina Lindmeier, a senior responsible investment manager at Nest. “They will not return to our portfolio until they demonstrate clear progress in preparing for a low-carbon economy.”

https://www.ft.com/content/b2205f72-fd11-4ac7-8f89-c34a4b00177a

Europe is preparing for energy shortages as freezing weather sets in, boosting demand and sending prices surging with no relief in sight. Energy prices spiraled this year, with European gas surging more than 600%. Short-term electricity also jumped, along with the cost of using dirtier energy sources in Europe. Additionally, rising prices have fuelled inflation, a headache for policy makers already contending with the spread of the omicron virus variant just before the holiday season.

https://www.bloomberg.com/news/articles/2021-12-19/europe-braces-for-energy-crunch-this-week-as-deep-freeze-sets-in?cmpid=BBD122021_GREENDAILY&utm_medium=email&utm_source=newsletter&utm_term=211220&utm_campaign=greendaily