July 3, 2018 Read More →

Major investor groups expand climate change target list

S&P Global Market Intelligence ($):

A large group of global investors and asset managers have added 61 companies to the list of corporations they will push to take more action on climate change issues.

When Climate Action 100+, which is backed by 289 investors with nearly $30 trillion in assets under management, launched in December 2017 it targeted the 100 energy and transportation companies that are among the largest greenhouse gas emitters in the world.

The expanded list of companies represents both carbon intensive ones and those “with significant opportunities to accelerate the transition directly at the regional and global level and help achieve the goal of the Paris Agreement” of limiting global warming to well below 2 degrees Celsius from pre-industrial levels, Stephanie Maier, Director of Responsible Investment, HSBC Global Asset Management Ltd., a unit of HSBC Holdings PLC, said in a statement.

The five-year engagement initiative aims to convince companies to implement a strong framework for board oversight and accountability on climate change, reduce emissions, and disclose climate risks and plans consistent with the June 2017 recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures, or TCFD. The voluntary guidelines were intended to create an internationally consistent way for companies to assess and publicly disclose potential financial risks associated with climate change.

Climate Action 100+ was among a number of movements involving state and local officials, businesses and investors in the U.S. who committed to advancing the goals of the Paris Agreement on climate change after President Donald Trump in 2017 pledged to withdraw the nation from the deal. Climate Action 100+ is organized by five partner organizations: Ceres, Asia Investor Group on Climate Change, Investor Group on Climate Change, Institutional Investors Group on Climate Change and Principles for Responsible Investment.

More: Investors with $30 trillion to press 61 more companies on climate targets

Comments are closed.