A Dutch pension fund leading climate talks with Shell has divested its holdings in Europe’s top oil and gas companies, saying they are not moving fast enough to reduce emissions. PFZW, which managed around 238 billion euros ($256 billion) at the end of 2023, said it had sold its holdings in 310 oil and gas companies worth around 2.8 billion euros, following a two-year engagement programme. The companies include Shell, BP and TotalEnergies , which have set out plans to become net zero carbon emitters by 2050 as well as various short- and medium-term decarbonisation targets. PFZW, through its asset management division PGGM, will also step down as one of two pension funds leading climate negotiations with Shell since 2022 on behalf of the Climate Action 100+ (CA100+) investor group comprising $68 trillion in assets, a spokesperson said. Shell did not immediately reply to a request for comment. “During this period, dialogue with oil and gas companies was significantly intensified to encourage them to produce verifiable transition plans that support the goal of the Paris Climate Agreement,” PFZW said. “Most of our fossil fuel investments have now been sold off, as these companies have made insufficient steps in the transition to a cleaner energy mix.” PFZW will continue to invest in seven companies – Cosan , Galp Energia, Granuul Invest, Neste , OMV, Raízen and Worley.