BMW, BP and steelmaker ArcelorMittal are being targeted by a $2 trillion group of big investors over concern that they back “behind the scenes” lobbying to undermine efforts to limit climate change while publicly backing carbon reduction. The coalition of investors, led by the Church of England Pension Board and Swedish pension fund AP7, has written to 55 European corporations about their possibly hypocritical approach to climate lobbying. The 55 companies were targeted after being assessed by InfluenceMap, a not-for-profit that monitors lobbying. Adam Matthews, director of ethics and engagement at the Church of England Pension Board, said the concern was that large companies were publicly aligning themselves to the Paris Agreement while acting differently behind the scenes, often through trade associations. He said “misleading and misaligned corporate lobbying practices” undermined the ability of governments to act on climate change.

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Financial Times