Climate Action 100+ backed by global asset owners post Wall Street pullback
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Asset owners overseeing $4.6 trillion have signed a statement extending their support to the Climate Action 100+ investor group. This comes after several high-profile Wall Street investors stepped back from the global initiative.
Over 40 asset owners and groups, such as California State Teacher’s Retirement System (CalSTRS) and California Public Employees Retirement System pension managers, are signatories.
Read more: World’s biggest climate investor group seeks to strengthen support post shock-exits of firms
CalSTRS said in a press release, “As asset owners representing $4.6 trillion in assets, we remain deeply concerned about the investment risks posed by climate change to the economy, the markets, and our portfolios. Investors encouraging companies to adopt ambitious and thoughtful plans to address climate-related risks aligns with our economic interests as long-term and diversified stewards of capital.”
The statement further added that working collaboratively with investors through Climate Action 100+ is an “effective and efficient” method of addressing specific and systematic risks to its investments posed by climate change.
Most signatories are from countries including Britain, Canada, and Sweden.
CA100+ encourages the world’s heaviest corporate emitters to cut climate-damaging emissions. The decision to offer public support to the group follows the high-profile exit of investors, including Pimco.
Others to leave included the fund arms of JPMorgan, State Street, and Invesco, while BlackRock, the world’s biggest investor, reduced its involvement with the group.
The departures came after the coalition urged signatories to enforce stricter measures against underperforming corporations and amid increasing political pressure from some US politicians who argued that participating in such groups could violate antitrust laws.
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