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Article

12 Dec 2017

Author:
Michael Holder, businessGreen

Climate Action 100+: World's top investors launch 'unprecedented' drive to push carbon intensive firms on climate action

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The anniversary of finalisation of the Paris Agreement looks set to create even waves bigger than those from last month's fortnight-long UN climate change conference across the border in Bonn... Today, as many as 225 influential global investors with more than $26.3tr in assets under management pledged to engage with 100 corporates estimated to be responsible for around 85 per cent of total global greenhouse gas emissions, so as to step up their ambition on climate action... The new initiative is being coordinated by five partners: 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).

... The collaborative initiative - which boasts a raft of high profile investors such as Allianz, AXA, BNP Paribas, Church Commissioners for England, Deutsche Asset Management, Hermes, and others as members - developed the 100-strong target list using CDP data on companies' direct and indirect emissions associated with the use of their products... With trillions of dollars-worth of influence behind it, the five-year initiative will make it even harder for any major listed firm to ignore or downplay the climate-related risks they face... Each of the 225 investors signed up so far to the new initiative have agreed to initially engage directly with at least one company on the 100-strong list. 'Engagement', they say, largely means dialogue in and around company boardrooms, including investors potentially lodging proposals at board meetings aimed at improving governance, disclosure, and action on climate change.

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