As world leaders prepare to gather in Glasgow for the COP26 climate summit, an activist investor is telling one of the biggest oil and gas companies it needs to change, fast.

What’s happening: Hedge fund Third Point just revealed that it has built up a stake in Shell (RDSA) and will push the oil giant to break up into two separate firms in a bid to attract more investors. “In our view, Shell has too many competing stakeholders pushing it in too many different directions, resulting in an incoherent, conflicting set of strategies attempting to appease multiple interests but satisfying none,” Third Point’s Daniel Loeb said in a letter to investors dated Wednesday.

Loeb points out that Shell’s stock is incredibly cheap for its size, and the company is set up better than many of its peers to take advantage of the energy transition. Shell has said its oil production peaked in 2019 and will now decline by 1% to 2% annually. But Loeb emphasized that the company is stuck between competing impulses from investors and policymakers. Some want ongoing investment in oil and gas to keep energy prices low, while others are asking Shell to invest more aggressively in renewable energy.

“As the saying goes, you can’t be all things to all people,” Loeb said. “In trying to do so, Shell has ended up with unhappy shareholders who have been starved of returns and an unhappy society that wants to see Shell do more to decarbonize.” The pitch: Third Point thinks Shell should split into “multiple standalone companies,” separating its legacy oil and gas business from units focusing on liquified natural gas and renewables. Yet Shell’s executive team is skeptical.