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Major investor groups expand climate change target list

Major investor groups expand climate change target list

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

Source: IEEFA

IEEFA July 3, 2018

LINK:  http://ieefa.org/major-investor-groups-expand-climate-change-target-list

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LINK:  https://climateaction100.wordpress.com/

From their homepage:

Climate Action 100+ is a five-year initiative led by investors to engage systemically important greenhouse gas emitters and other companies across the global economy that have significant opportunities to drive the clean energy transition and help achieve the goals of the Paris Agreement. Investors are calling on companies to improve governance on climate change, curb emissions and strengthen climate-related financial disclosures.

Launched in December 2017 at the One Planet Summit, Climate Action 100+ garnered worldwide attention as it was highlighted as one of 12 key global initiatives to tackle climate change.

Investor representatives from AustralianSuper, California Public Employees’ Retirement System (CalPERS), HSBC Global Asset Management, Ircantec and Manulife Asset Management have helped to lead the design and development of Climate Action 100+. The initiative is designed to implement the investor commitment first set out in the Global Investor Statement on Climate Change in the months leading up to the adoption of the historic Paris Agreement in 2015.

“As institutional investors and consistent with our fiduciary duty to our beneficiaries, we will work with the companies in which we invest to ensure that they are minimising and disclosing the risks and maximizing the opportunities presented by climate change and climate policy.”

To date, 289 investors with nearly USD $30 trillion in assets under management have signed on to the initiative. In July 2018, Climate Action 100+ released an update that showed more investors are mobilising across 29 countries to drive corporate action on climate change, and companies on the initiative’s focus list, have started to make progress towards its goals, including a trebling in support for the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures.

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Climate Action 100+ is coordinated by five partner organisations: Asia Investor Group on Climate Change (AIGCC); Ceres; Investor Group on Climate Change (IGCC); Institutional Investors Group on Climate Change (IIGCC); and Principles for Responsible Investment (PRI). It builds on the successful investor engagement programmes coordinated by the partner organisations over a number of years.

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