Institutional Investors Double Down On Oil Despite Divestment Pledges

The campaign for institutional investors to divest from oil giants like BP and Shell hasn’t made any progress due to the way index providers dominate the market, a new study has found. Only 60 institutional investors worldwide have sold all of their shares in BP and Shell, representing about three per cent and four per cent of their shareholders, a paper published earlier this year by David Whyte of Queen Mary University of London has revealed. These shares have all been promptly bought up by massive asset managers like Blackrock and Vanguard,…