Report: Major asset managers still voting against tougher climate measures
In the same week that BlackRock was widely criticised for continuing to hold $85bn in coal, an analysis of the world s 30 largest fund managers has found that the global sector is failing to translate high-level climate commitments into investment decisions and support for shareholder resolutions.
InfluenceMap assessed firms which collectively manage more than $50trn of assets
Conducted by think tank InfluenceMap, the Asset Managers and Climate Change 2021 research outlines how each of the 30 finance majors are aligning with the Paris Agreement by tracking progress against three criteria: the carbon intensity of their portfolios, their engagement on climate with investee companies and their support for climate-related shareholder resolutions. An overall grade is also given to each firm.
By Susanna Rust2021-01-14T15:37:00+00:00
The United Nations-convened Net-Zero Asset Owner Alliance has finalised the framework according to which individual members will be publishing their 2025 portfolio decarbonisation targets to support the goal of net-zero emissions by 2050.
According to the group, the 2025 target-setting protocol and the subsequent issuing of individual targets represents the first time major investors set and commit to report on interim targets on the way to the 2050 objective.
Writing in the foreword of the protocol, former UN climate change chief and founding partner of a strategic and scientific partner of the Alliance, Christiana Figueres said: “Issuing transparent, rigorous and realistic targets, and then committing to report against them in the next four years, is at once an extraordinary – and also essential – demonstration of ambition by private sector leaders who exist at the pinnacle of our financial systems.”
By Susanna Rust2021-01-08T15:30:00+00:00
Members of the UN-convened Net-Zero Asset Owner Alliance have called on the International Energy Agency (IEA) to include a fully developed standalone 1.5°C scenario in the 2021 edition of its influential global energy outlook.
A statement from the 33-strong group, understood to reflect a letter sent to IEA executive director Fatih Birol, takes into account certain advancements laid out in the agency’s latest World Energy Outlook (WEO), with the investors welcoming the inclusion of a net-zero by 2050 case, in addition to other “material shifts”.
Referred to as NZE2050, the case extends the IEA’s Sustainable Development Scenario and, according to the IEA, includes the organisation’s first detailed modelling of what would be needed in the next 10 years to put global CO
By Rachel Fixsen2020-12-23T10:46:00+00:00
Pension provider calculated that median of IPCC carbon pricing proposals could halve value of equities
The head of Sweden’s largest pension fund, Alecta, has presented an eye-catching calculation to flag up the need for clarity about the real cost of carbon emissions, saying current pricing proposals would wipe out half the value of the fund’s more than SEK300bn (€29bn) of equities.
Though researchers disagreed on the price of CO
2 emissions needed to reach the 1.5°C target in the Paris Agreement on climate change, said Magnus Billing, Alecta’s chief executive officer, the pension fund calculated the median of the various proposals in the Intergovernmental Panel on Climate Change (IPCC) report at $870/tonne.
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