https://archive.md/pES3G
"One of Europe’s biggest investors is putting banks on notice and may start
exiting the sector unless it sees proof that claims of portfolio
decarbonization are matched by action.
“The financial sector has really lagged,” said Dominique Dijkhuis, a member of
the executive board and head of investments at ABP, which is Europe’s largest
pension fund. “If you say you’re committing to a climate course and then still
actively granting loans to new fossil products, that’s just not aligned.”
ABP is setting “transparent” key performance indicators that financial firms
must meet in order to avoid being sold off in the next three years, she said in
an interview. Banks need to “take responsibility,” which means looking “very
critically” at their fossil-fuel exposures and “maybe move out.”
The remarks reflect a rapidly evolving landscape, as institutional investors,
regulators, legislators and climate activists ramp up scrutiny of the finance
industry’s role in fueling carbon emissions. That’s as banks making net-zero
pledges continue to provide substantial support to oil, gas and coal firms that
are expanding their business.
ABP made headlines in late 2021 when it announced it was divesting a €15
billion ($16.3 billion) portfolio of fossil-fuel assets. It’s now keen to cut
its indirect exposure to high-carbon assets. “We’re concerned that the
financial sector is still invested massively in fossil fuels,” Dijkhuis said.
The “majority” of the fund’s liquid fossil-fuel investments “are already sold”
and whatever hasn’t been offloaded will be out of the portfolio by the end of
this quarter, she said."
Via
Future Crunch:
<
https://futurecrunch.com/goodnews-child-mortality-flamingos-mumbai-shamans-dream/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
