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£45bn investors urge FTSE 100 firms to stop lobbying against climate policy
Source: Edie.net
A global group of institutional investors with more than £45bn in assets have called on nine FTSE 100-listed companies to end their lobbying activity against climate legislation.
The investors have written to energy companies BP, EDF, Statoil and Total, mining businesses Glencore, Rio Tinto and BHP Billiton and chemicals firms Johnson Matthey and Proctor and Gamble.
The letter expressed concern that the companies’ declared climate policies are undermined by membership of lobby groups with a track record of obstructive lobbying on climate change policy.
For example, the letters highlight the obstructive lobbying undertaken on behalf of the companies by EU trade associations including Cefic, BusinessEurope and FuelsEurope.
The letters are part of an awareness campaign by responsible investment association ShareAction.
The group’s chief executive Catherine Howarth explained: “These international investors are united in the need to challenge companies who belong to trade associations that lobby obstructively behind closed doors to weaken climate policy in the EU.
“Tackling the problem of climate change should be high on the agenda of responsible investors worldwide. Our pension funds in particular have an important role to play in ensuring their portfolios are protected over the long term from the economic damage of climate change.”
