Aberdeen Standard Investments, Axa Investment Managers and 58 other big investors have demanded oil and gas companies intensify their efforts on climate change, in the clearest sign yet that asset managers and pension funds are increasingly concerned about the financial impact of global warming. In an open letter to the Financial Times, the investors, which oversee almost $10.5 trillion in assets, call for the oil and gas industry to be “more transparent and take responsibility for all its emissions”. The investors suggested that all companies in the sector should clarify how they see their future in a low-carbon world, “This should involve making concrete commitments to substantially reduce carbon emissions, assessing the impact of emissions from the use of their products and explaining how the investments they make today in energy sources and technologies are compatible and consistent with a pathway towards the Paris goal.” The letter comes ahead of a controversial vote at Royal Dutch Shell’s annual meeting regarding the group’s alignment with the Paris climate agreement.

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Financial Times