Pension funds in the U.K. and Europe are backing a novel lawsuit against Shell PLC alleging that its directors breached their legal duties by failing to manage climate risk or plan for the energy transition.

The lawsuit filed in the High Court of England and Wales Thursday by non-profit organization ClientEarth, a minor Shell shareholder, has the backing of institutional investors with a collective £450 billion ($550 billion) in assets and more than 12 million shares in the energy company.

The lawsuit asks the court to require Shell’s board to adopt a climate risk management strategy that complies with a Dutch judgment issued in May 2021 by the Hague District Court requiring the company to reduce its CO2 emissions by 45% in 2030, compared to 2019 levels. EarthClient must first get the U.K. court’s permission to pursue the claim.

Investors supporting the lawsuit include the London-based National Employment Savings Trust and London CIV, Swedish national pension fund AP3, Stockholm, and Danish pension funds Danica Pension and AP Pension.

AP3 had 464.9 billion Swedish kronor ($45.6 billion) as of June 30, Danica Pension is a subsidiary of Danske Bank Group and had 416 billion Danish kroner ($59.7 billion) in retirement assets as of Dec. 31, while AP Pension had 172 billion Danish kroner as of June 30.

Asset managers backing the lawsuit include Danske Bank Asset Management, French asset manager Sanso IS and Degroof Petercam Asset Management in Belgium.

“We hope the whole energy industry sits up and take notice,” Mark Fawcett, CIO of the £26 billion defined contribution multiemployer plan NEST, said in a news release. “Investors want to see action in line with the risk climate change presents and will challenge those who aren’t doing enough to transition their business.” While 2023 is a crucial year for meeting the goals of the Paris Agreement, “the company’s new oil and gas projects in development pose risks to investors in terms of carbon lock-in and stranded assets,” Mr. Fawcett said.

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