Investors managing $11tr of assets urge banks to curtail fossil fuel financing
Time passes at Canary Wharf, at the heart of London s financial hub
Institutional Investors Group on Climate Change calls on banks to back their net zero pledges with moves to halt support for fossil fuels and activities that drive deforestation
A coalition of major investors managing a combined $11tr of assets worldwide is calling on the banks to boost their 2050 climate goals by curtailing financing of activities that contribute deforestation, land-use change and fossil fuel expansion.
Aviva Investors, Legal & General Investment Management, Sarasin & Partners, and the Church Commissioners for England are among nearly three dozen investors which have today joined together in urging major banks to set enhanced net zero targets that include interim emission reduction goals, commitments to scale up green finance, and pledges to withdraw financing from recipients showing no evidence of transitioning tow
Ditch fossil fuel finance, $11trn investor coalition tells big banks
A coalition of 35 major investors with $11trn of assets under management collectively are calling on banks to enhance their climate targets, backing up long-term visions with action in the short-term.
Citi and HSBC, pictured here at Canary Wharf, are among the banks being called upon by the investors
The call to action, made by the Institutional Investors Group on Climate Change (IIGCC), is being directed at 27 major banks in geographies including Asia, Europe and the US in the first instance.
Specifically, the IIGC is urging the banks – many of which have recently set net-zero financed emissions targets, often following pressure from investors and consumers – to develop explicit interim commitments.
Investor alliance calls for banks to cease fossil fuel financing
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‘Talking the talk must be replaced with walking the walk’
The IIGCC warned that banks must not rely on unproven negative emissions technologies
An investor alliance representing $11trn of assets under management (AUM) has called on the world’s largest banks to align their financing with net zero targets.
The Institutional Investors Group on Climate Change (IIGCC) has developed a set of investors expectations for the banking sector to enhance its 2050 net zero efforts, scale up green finance and withdraw from projects which fail to meet Paris Agreement goals.
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/EIN News/ London, April 15, 2021
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