Investors Push Private Sector For Climate Action
Money talks: Investors heap pressure onto companies over climate change
Steve Butler, December 21, 2017 (San Jose Mercury News)
“When science-based reasoning fails to dislodge ideology and orthodox dogma, selfish interests and the exigency of just making money can be what it takes to jolt political intransigence…Unlike politicians, investment managers have lost patience and have decided not to wait until the remaining climate change deniers have bowed to the preponderance of evidence. Those managing vast amounts of money have seen enough with their own eyes — floods, hurricanes, rising seas and other evidence — enough signs that investment in carbon-based energy is in trouble…
…[W]ithin the past month, some major investors controlling more than $5 trillion have committed to reducing their carbon holdings. This is not a response to activist students rioting on campuses. It’s just a judgment call based on money managers who are betting that the vast majority of climate scientists are probably correct…Axa, the insurance giant, is divesting itself of what is approaching $1 billion in oil production and pipelines…Exxon Mobil has been pressured by 62 percent of its stockholders to perform an assessment of how climate change will affect its operations…The Bank of England reports that 237 companies with a market capitalization totaling more than $6 trillion are now backing climate-related disclosure requirements…[and] money talks…” click here for more
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