Home Stock Big investors ask banks to take climate change seriously

Big investors ask banks to take climate change seriously


A group of 35 large global investors managing $ 11 trillion in assets has asked banks to make “up-front” pledges to ensure their lending practices match their Emission targets are more difficult, according to Reuters.

  • Notable signatories include Allianz Pimco unit
    VAT,
    + 0.75%
    ,
    The world’s largest bond investor and Legal & General
    LGEN,
    -0.11%
    ,
    UK’s largest investment fund.

  • This group wants banks to set interim targets to achieve net zero emissions by the mid-19th century or earlier.

  • Bankers’ salaries, they say, should include an indexed factor in the achievement of goals.

  • Investors are also asking banks to set “clear criteria” to eliminate activities they call “misbehaving” – activities that run counter to net-ness ambitions.

Read: United States and China agree to cooperate on climate crisis with ‘urgent’

Prospects: Incoming call the night before of the virtual climate summit with 40 world leaders convened by President Joe Biden this week. And even if some of the world’s largest banks are committed to achieving zero emissions by 2050, that would be a warning to most of the banking industry.

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