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Investors managing $11tr of assets urge banks to curtail fossil fuel financing
Time passes at Canary Wharf, at the heart of London s financial hub
Institutional Investors Group on Climate Change calls on banks to back their net zero pledges with moves to halt support for fossil fuels and activities that drive deforestation
A coalition of major investors managing a combined $11tr of assets worldwide is calling on the banks to boost their 2050 climate goals by curtailing financing of activities that contribute deforestation, land-use change and fossil fuel expansion.
Aviva Investors, Legal & General Investment Management, Sarasin & Partners, and the Church Commissioners for England are among nearly three dozen investors which have today joined together in urging major banks to set enhanced net zero targets that include interim emission reduction goals, commitments to scale up green finance, and pledges to withdraw financing from recipients showing no evidence of transitioning tow
Wants all financing aligned with net zero emissions Calls for banks to exit non-Paris aligned projects
By Simon Jessop and Ross Kerber
LONDON, April 19 (Reuters) - A group of investors managing $11 trillion in assets has called on banks to set tougher emissions targets ahead of a meeting of world leaders aimed at accelerating efforts to fight climate change.
The group, which includes Pimco, the world s biggest bond investor, and Britain s biggest asset manager, Legal & General Investment Management, said they wanted lenders to set enhanced pledges to decarbonise their lending books.
While a number of the world s biggest banks have already said they have an ambition to reach net zero greenhouse gas emissions by 2050, many have yet to specify how they plan to do so and continue to fund heavy emitting activities.
Simon Jessop and Ross Kerber
A group of investors managing $US11 trillion ($NZ15t) in assets has called on banks to set tougher emissions targets ahead of a meeting of world leaders aimed at accelerating efforts to fight climate change.
Photo: 123RF
The group, which includes Pimco, the world s biggest bond investor, and Britain s biggest asset manager, Legal & General Investment Management, said they wanted lenders to set enhanced pledges to decarbonise their lending books.
While a number of the world s biggest banks have already said they have an ambition to reach net zero greenhouse gas emissions by 2050, many have yet to specify how they plan to do so and continue to fund heavy emitting activities.
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