Asset managers across the globe have been positioning themselves to tap some of that growth. Around 2,700 firms have signed a United Nations-backed pledge -- known as the Principles for Responsible Investment – to align themselves with global efforts to address climate change, inequality and other social problems.
CQS signed the commitment in July. The application involves a due diligence process by the PRI, but the group doesn’t require general partners of the firms to disclose their charitable and political giving, according to spokesman Duncan Smith.
Rummel, the CQS spokesman, said the hedge fund will seek to “actively engage with companies to promote awareness, transparency and change in relation to responsible climate change actions.” “Our firm-wide mindfulness of climate change goes beyond our investment processes and practices, and is embedded within our company culture and business ethics,” he wrote.
‘Contested Science’
Hintze says on his foundation’s website that he cares “deeply” about the environment and believes global warming is real. He says its “highly likely” that the increase in CO2 is “in part” caused by human activity, thought it’s too simplistic to only focus on carbon dioxide emissions as a cause of environmental damage.
The GWPF has questioned the scientific consensus that humans are responsible for climate change. The group says it’s open-minded on the “contested science of global warming” and “deeply” concerned about the costs and implications of climate change policies.
CO2 is the main driver behind climate change, accounting for about three quarters of all greenhouse gases globally, according to 2016 estimates from the World Resources Institute. Peer-reviewed studies show that climate scientists agree that global warming over the past century is likely caused by humans. Almost 200 countries pledged to limit fossil-fuel pollution that causes climate change as part of the 2015 Paris Agreement. But the costs are high, with Morgan Stanley estimating the world needs to spend $50 trillion on technology over the next decades to halt warming.
‘Big Deal’
The GWPF is one of the most vocal groups in Europe putting into question climate policies. The think tank says on its website that it’s funded mainly by donations from private individuals and charitable trusts and doesn’t accept gifts from energy companies or anyone with a significant interest in them.
As a registered U.K. charity, GWPF isn’t required to say where they get their funding from, and donors aren’t required to disclose who they give to. But in 2012, the Guardian cited an email from Hintze to a climate-change project in which he declined their request for funding and told them that he was “supporting Nigel Lawson’s initiative.” Hintze and CQS declined to comment on the email at the time, according to the Guardian.