Climate Action 100+ was set up six years ago in an effort to leverage investor clout to get portfolio companies to cut their emissions. But with little evidence of progress, CA100+ has come under pressure to ramp up its campaign. For now, the alliance’s main approach has been to promote investor engagement, including by flagging climate resolutions to signatories.
Last year, BlackRock, State Street and several other large CA100+ members repeatedly voted against resolutions flagged by CA100+, ShareAction reported.
The world’s biggest asset managers also perform poorly across a number of other climate indicators, according to ShareAction. These include continued exposure to fossil-fuel interests that aren’t compatible with achieving their net-zero emissions goals.
Overall, however, a broader analysis by ShareAction found CA100+ members took stronger climate action than investors outside the alliance. In total, CA100+ members voted in favor of climate resolutions 72% of the time, compared with 41% for non-members.
Climate Action 100+ signatories engage with more than 160 companies, including BP Plc, Exxon Mobil Corp. and Glencore Plc., with the stated goal of improving governance, curbing CO2 emissions and strengthening climate-related financial disclosures.
This article was provided by Bloomberg News.