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The
move by some - but not all - top fund firms comes ahead of the
next round of global climate talks in Egypt in November. This
year's letter is the most ambitious appeal to officials yet,
backers of the effort said, with additional requests for action
on tackling methane pollution and scaling up finance to poorer
countries.
Organised by the Investor Agenda, a group of investor-focused
groups that count many of the world's largest fund managers as
members, the "2022 Global Investor Statement to Governments on
the Climate Crisis" was the 13th one to be issued.
“Investors are taking action as it is not only permitted by law
but is in many cases required to ensure their ability to
generate returns in the long-term as a core fiduciary duty and
benefit from the opportunities associated with the shift to a
net-zero emissions economy," the statement said.
Other requests by the investors included scaling up low-carbon
energy systems; implementing carbon pricing mechanisms that rise
over time; establishing new or more ambitious plans to end
deforestation.
In all, 532 investors signed the latest iteration including UBS
Asset Management, Amundi SA and Federated Hermes.
However, none of the top three U.S. index fund managers
BlackRock, Vanguard and State Street Corp signed onto this
letter.
The reticence comes as the process of investing with an eye on
environmental, social and governance-related issues, or ESG,
faces growing pressure in the United States.[L1N3011D2]
Representatives for BlackRock declined comment, while Vanguard
did not respond to queries.
A representative for State Street, whose asset-management arm
signed an Investor Alliance statement last year, declined to
comment.
(Reporting by Simon Jessop in London and Ross Kerber in Boston;
Editing by Marguerita Choy)
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