Raw: [
Global asset manager Invesco has withdrawn from Climate Action 100+, a climate-focused investor network focused […]]
Invesco Joins List of Investors Exiting Climate Action 100+ – ESG Today
ESG Investing, sustainable finance & business sustainability news
ESG investing news, analysis, research and information
Top Stories ESG News
Companies
Government
Investors
Regulators
Sustainable Finance
ESG Solutions ESG Tools, Services
Companies Companies
Investors Investors
ESG Disclosure ESG Reporting
Analysis
Regulators
Reports, Studies
Newsfeed
Whitepapers
Events
About About us
Our Team
Advertise With Us
Environment/ Investors
Invesco Joins List of Investors Exiting Climate Action 100+
Mark Segal
March 6, 2024
Global asset manager Invesco has withdrawn from Climate Action 100+, a climate-focused investor network focused on engaging with companies to reduce their greenhouse gas emissions and implement climate transition plans.
The firm’s withdrawal forms the latest in a growing series of investors who have recently chosen to exit the group, which now include JPMorgan Asset Management (JPMAM), State Street Global Advisors (SSGA), and PIMCO, while BlackRock also revealed that it has transferred its participation in the initiative to BlackRock International.
In a statement provided by the firm to ESG Today, an Invesco spokesperson said:
“After careful consideration, Invesco has decided to withdraw from the Climate Action 100+ initiative as we believe our clients’ interests in this area are better served through our existing investor-led and client-centric issuer engagement approach.”
Launched in 2017, Climate Action 100+ is an investor initiative that has targeted the world’s largest corporate greenhouse gas (GHG) emitters to promote taking necessary action on climate change, and align their business strategies with net zero in order to help limit average global temperature rise to 1.5 degrees Celsius. The network has grown to include more than 700 investors representing more than $68 trillion in assets.
The group, however, has also become a key target for anti-ESG politicians, and fueling claims that its members are “boycotting” energy companies. Last year, a group of U.S. Republican state attorneys general sent a letter to large asset managers warning that participation in groups such as CA100+ raised concerns about the investors’ adherence to fiduciary duties and compliance with anti-trust rules.
Similarly, Texas cited participation in Climate Action 100+ as part of the criteria used by the state to compile a list of “Financial Companies that Boycott Energy Companies,” which it cited in its placement of a series of asset managers for divestment.
Following the exit of JPMAM, SSGA and PIMCO, and BlackRock’s transfer to its international unit, Climate Action 100+ issued a statement saying that the organization is “disappointed to see them go,” but noting that “hundreds of investor signatories remain committed to ensuring 170 of the largest greenhouse gas emitters reduce emissions, improve governance, and strengthen climate-related financial disclosures.”
Climate Action 100+ added:
“Investors participating in Climate Action 100+ and engaging with companies do so to manage risk and opportunity to preserve long-term shareholder value for their clients and beneficiaries, in line with their fiduciary duties.
“Importantly, all participating investors are independent fiduciaries responsible for their own investment and voting decisions, and they agree to always act independently in setting strategies, policies and practices and deciding whether and how to engage with focus companies based on their own understanding of their best interests. It is also a matter for individual signatories to make their own decisions regarding ongoing participation in the initiative.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
Related Posts
Environment /
EU Lawmakers Agree to New Law Targeting 100% Recyclable Packaging by 2030
Investors /
Managing ESG Data Flow a Growing Challenge for Investors as CSRD Reporting Begins: Bloomberg Survey
Environment /
EU Lawmakers Approve Penalties Including Imprisonment, Fines for Environmental Crimes
‹ EU Lawmakers Agree on Rules to Ban Products Made with Forced Labor
ESG Today Newsletter – Subscribe
Subscribe to the ESG Today NewsletterJoin our mailing list for the latest breaking ESG investment news!
LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther
FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsR & DProcurement & ContractingSupply Chain & DistributionSustainabilityStrategyTechnologyOther
SUBSCRIBE!
You have Successfully Subscribed!
Sustainable Finance
Canada Issues $4 Billion Green Bond
Sunfire Raises $340 Million for Clean Hydrogen Production Tech
Verizon Issues $1 Billion Green Bond to Invest in Renewable Energy
Canada Launches Second Green Bond Offering, Adds Nuclear Power to Eligible Investment Categories
Government
EU Lawmakers Agree on Rules to Ban Products Made with Forced Labor
Singapore to Provide Funding for Companies to Meet New Climate Reporting Requirements
Canada Issues $4 Billion Green Bond
EU Lawmakers Agree to New Law Targeting 100% Recyclable Packaging by 2030
Categories
Select Category
Business Wire
ESG News
Analysis
Climate
Companies
Energy Transition
Environment
ESG Reporting
ESG Tools, Services
Executive Moves
Governance
Government
Guest Posts
Investors
M&A
New funds & products
Platforms & Markets
Private Equity & Venture Capital
Professional bodies
Regulators
Reports, Studies
Social
Social & Governance
Sustainable Finance
Welcome
Back to Top
Home
About us
Disclosure, cookies & privacy policy
© ESG Today 2024
Don’t miss the top ESG stories!Join the ESG Today daily newsletter and get all the top ESG stories, like this one.
Subscribe now below!
LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther
FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsProcurement & ContractingR & DStrategySupply Chain & DistributionSustainabilityTechnologyOther
SUBSCRIBE!
You have Successfully Subscribed!
Never miss the latest breaking ESG investment news. Get ESG Today’s newsletter today!
Subscribe Now
c
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy