“It is not our money, we don’t dictate where our clients’ climate goals should be.” Rather than exiting all exposure, Douglass said he preferred to use capital to invest in companies which were trying to decarbonise and that companies that chose to divest were “passing the buck” to someone else. He said the only carbon risk in the funds came from three US utilities but that Magellan had been approached by some investors to create a bespoke portfolio which removed the utilities and reduced the carbon risk. With this in mind, Douglass said, it was not “inconceivable” for the firm to offer a separate portfolio which had a lower carbon risk in the future.